Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 54.00 - Mortgage Lender Community Investment
Section 54.11 - Purposes and Scope
Universal Citation: 209 MA Code of Regs 209.54
Current through Register 1531, September 27, 2024
(1) Purposes. 209 CMR 54.00 is intended to carry out the mortgage lender community investment purposes of M.G.L. c. 255E, § 8 by establishing the framework and criteria by which the Commissioner assesses a mortgage lender's record of helping to meet the mortgage credit needs of the Commonwealth, including low- and moderate-income neighborhoods and individuals, consistent with the safe and sound operation of the mortgage lender, and by providing that the Commissioner takes that record into account in considering certain applications pursuant to 209 CMR 54.26.
(2) Scope.
(a)
General. 209 CMR
54.00 applies to all mortgage lenders as defined in
209 CMR
54.12.
(b)
Advisory
Rulings. Each official interpretation by the Federal Financial
Institutions Examination Council (FFIEC) or appropriate federal banking
regulatory agency of the regulations issued under the Community Reinvestment
Act (
12 USC
2901) that is similar in substance to a
provision of
209 CMR 54.00 shall, until
rescinded by the FFIEC, be deemed by the Commissioner to be an advisory ruling
issued under M.G.L. c. 30A, § 8; provided, however, that the Commissioner
may reject an interpretation of the FFIEC or appropriate federal banking
regulatory agency. The Commissioner may provide such adjustments and
exceptions, as necessary, to any interpretation to fit the unique circumstances
of licensed mortgage lenders.
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