BOSTIN (WWLP) - Massachusetts Bankers are calling on the state Legislature to modernize the Commonwealth's banking laws.
They told 22News why they're supporting legislation that they say will update banks to the present.
Massachusetts banking laws haven't been updated in 30 years, and with a constantly changing landscape and new technology, bankers say they want to keep up with the times.
Members of the Massachusetts Banking Association are supporting a bill that allows them to use new technology at their banks without having to go through a complicated approval process.
For example, it would allow them to implement ATM video monitors or have online board meetings.
They also want to streamline reporting requirements and administrative processes that overlap at the state and federal level.
According to Michael Tucker, CEO of Greenfield Co-operative Bank, “We can take advantage of newer technology through Skype of things of that nature so that, you know, if a board member happens to be out of town they can still participate in our board meetings.”
David Snieckus, a concerned depositor, told 22News, “The bill needs provisions to protect the depositor’s money, more than it is now.”
An opponent of the bill requested more protections to be added to the legislation for banking customers and their money.