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Can you summarize MGL Chapter 167, Section 2I?
SUPERVISION OF BANKS > Compliance with federal laws and regulations
Short Summary
This section of the Massachusetts General Law requires banks, including savings banks, co-operative banks, and trust companies, to comply with various federal laws and regulations. The specific federal laws and regulations that banks must comply with include the federal Expedited Funds Availability Act, the federal Fair Credit Billing Act, the federal Electronic Fund Transfer Act, regulations of the federal banking agency governing safeguarding of monies and securities, regulations governing minimum security devices and procedures and Bank Secrecy Act compliance, regulations governing loans to executive officers, directors, or principal shareholders of a bank, and other applicable federal regulations. The commissioner retains jurisdiction over banks to examine, supervise, take enforcement action, and assist consumers in matters related to compliance with these federal laws and regulations. This section does not affect the commissioner’s jurisdiction over other federal laws or regulations.
Whom does it apply to?
Banks, including savings banks, co-operative banks, and trust companies
What does it govern?
Compliance with federal laws and regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Massachusetts