Purposes and Scope

(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the Community Reinvestment Act (12 USC 2901) that is similar in substance to a provision of 209 CMR 54.00 shall, until rescinded by the FFIEC, be deemed by the Commissioner to be an advisory ruling issued under M.G.L. c. 30A, § 8; provided, however, that the Commissioner may reject an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.