MA H1208

Establishes a 9-member special task force to review the financial impact of financial technology operations and current bank charter regulations in Massachusetts

Task force co-chaired by House and Senate chairs of the Joint Committee on Financial Services, with members from minority leadership, MassChallenge, Massachusetts Technology Collaborative, and three appointees from the Commissioner of Banks (including one from the Secretary of Labor's office and two nominated by the Massachusetts Bankers Association)

Requires the task force to review state laws, regulations, and administrative directives related to fintech and banking charters, and identify key banking developments that would benefit Massachusetts citizens

Mandates the Division of Banks to submit reports it obtains from banks and technology companies to the legislature

Task force must submit a final report with draft legislation and regulatory recommendations to the House and Senate clerks within 12 months of the act's passage