Bill > H1208

This bill establishes a special 9-member task force to review and assess financial technology (fintech) operations and bank charter regulations in Massachusetts. The task force will include legislative members from both parties, representatives from MassChallenge and the Massachusetts Technology Collaborative, and three additional members appointed by the Massachusetts Commissioner of Banks. The group's specific responsibilities include identifying and reviewing current state laws and regulations related to fintech and banking charters, determining key banking developments that would benefit Massachusetts residents, requiring the division of banks to submit reports from banks and technology companies, and developing recommendations for better integrating financial technology into the state's regulatory framework. The task force is required to submit a comprehensive report, including draft legislation and regulations, to the state legislature within 12 months of the bill's passage. This initiative aims to help Massachusetts understand and potentially adapt its financial regulations to accommodate emerging financial technologies and their potential economic impacts.

Business and Industry

https://malegislature.gov/Bills/194/H1208