Division of Banks hearings seek input as official look to modernize financial regulations

The Massachusetts Division of Banks said it has scheduled two informational hearings to gather input as state officials prepare to streamline and modernize regulations governing the financial services industry.

David Cotney. Photo taken from the Division of Banks website.

The hearings seek feedback from consumers, relevant business industries, and advocacy groups.

“There have been many changes in the financial industry in recent years, and the Division is proactively reviewing these regulations to help better enforce consumer protection laws and oversee businesses,” Barbara Anthony, Undersecretary of Consumer Affairs and Business Regulation, said in a statement.

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One hearing is scheduled for Tuesday at 10 a.m. in a first floor hearing room at 1000 Washington St., Boston, where the Division of Banks has its headquarters. The other hearing is set for the same place at 10 a.m. Aug. 13.

“Reviewing these regulations will help us to ensure that they keep pace with the changing financial environment while providing consumers the information they need to know to make informed financial decisions,” Commissioner of Banks David J. Cotney said in a statement.