Massachusetts Enacts Super Wild Card Statute
Governor Swift of Massachusetts signed into law amendments (the "Super Wild Card Statute") to Mass. Gen. Laws Ch. 167F, Section 2, Para. 31 that broaden the authority of the Massachusetts Co mmissioner of Banks (the "Commissioner") to approve applications from Massachusetts banks that seek authority to engage in new activities and/or provide new products or services. Specifically, the Super Wild Card Statute allows a Massachusetts bank to engage in any activity or offer any product or service if the activity, product or service is engaged in or offered in accordance with regulations promulgated by the Commissioner and has been authorized for: (1) national banks; (2) federal thrifts; or (3) state banks in a state other than Massachusetts provided that the activity is: (a) permissible under Section 24 of the Federal Deposit Insurance Act and the regulations issued thereunder (12 C.F.R. Part 362); (b) subject to the same limitations and
