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February 25, 2015 | Legal Update

Chapter 482 of the Acts of 2014, An Act Modernizing the Banking Laws and Enhancing the Competitiveness of State-Chartered Banks, was approved by the General Court on December 31, 2014, and signed into law by the Governor on January 7, 2015.

As non-emergency legislation, the law becomes effective on April 7, 2015.

The law: 

• provides a range of regulatory relief, 
• expands the powers of Massachusetts banks to make investments and engage in new activities, 
• expands the authority of Massachusetts banks in connection with corporate transactions, 
• and provides new flexibility to banks in governance matters.

The Nutter Banking and Financial Services Group is pleased to provide you with an Overview and Section-by-Section Summary of the new law.

Nutter Bank Report

Nutter Bank Report is a monthly electronic publication of the Banking and Financial Services Group of the law firm of Nutter McClennen & Fish LLP. Chambers and Partners, the international law firm rating service, after interviewing our clients and our peers in the profession, has ranked Nutter's Banking and Financial Services practice among the top banking practices in the nation. The 2012 Chambers and Partners review says that a "broad platform" of legal expertise in the practice "helps clients manage challenges and balance risks while delivering strategic solutions," while the 2013 Chamber and Partners review reports that Nutter's bank clients describe Nutter banking lawyers as "proactive" in their thinking, "creative" in structuring agreements, and "forward-thinking in terms of making us aware of regulation and how it may impact us," which the clients went on to describe as "indicative of a true partner." The 2014 Chamber and Partners review describes us as "great – very knowledgeable, very responsive and very nice." Visit the U.S. rankings at ChambersandPartners.com. The Nutter Bank Report is edited by Matthew D. Hanaghan. Assistance in the preparation of this issue was provided by Lisa M. Jentzen. The information in this publication is not legal advice. For further information, contact:

Kenneth F. Ehrlich
kehrlich@nutter.com
Tel: (617) 439-2989

Michael K. Krebs
mkrebs@nutter.com
Tel: (617) 439-2288

This update is for information purposes only and should not be construed as legal advice on any specific facts or circumstances. Under the rules of the Supreme Judicial Court of Massachusetts, this material may be considered as advertising.