Best Banking & Finance Lawyers in Massachusetts

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SederLaw
Worcester, United States

Founded in 1918
25 people in their team
English
SederLaw and its attorneys are recognized as one of New England’s premier law firms, receiving accolades from respected publications and organizations for the high quality of service our attorneys provide to our clients.Together, we will meet the additional challenges facing our community, and...
Verrill Dana LLP.
Boston, United States

Founded in 1862
213 people in their team
English
Decency, honesty, and judgment. The values that define Verrill as a law firm are the reason our clients trust and choose us time and time again. We don't compromise our values and our clients don't compromise on quality. Our experience and New England roots date back more than 150 years, and today,...

Founded in 1994
1,000 people in their team
English
WilmerHale is a leading, full-service international law firm with 1,000 lawyers located throughout 13 offices in the United States, Europe and Asia. Our lawyers work at the intersection of government, technology and business, and we remain committed to our guiding principles of:providing...
Greenberg Traurig, LLP.
Boston, United States

Founded in 1967
2,300 people in their team
English
Five decades ago, while at lunch in a South Florida deli, attorneys Larry J. Hoffman, Mel Greenberg, and Robert Traurig saw an opportunity to establish a new breed of law firm for South Florida; a firm that mirrored a New York style firm. In 1967, they founded the law firm Greenberg Traurig...
McLane Middleton
Woburn, United States

Founded in 1919
75 people in their team
English
McLane Middleton is dedicated to our clients’ businesses, acting in a consultative fashion and offering guidance through today’s complex legal system.Every day we help our clients solve their toughest legal problems and create better outcomes.McLane Middleton holds the respected honor of being...
Pierce Atwood LLP
Boston, United States

Founded in 1891
298 people in their team
English
Pierce Atwood LLP is a highly-regarded full-service law firm based in New England, recognized nationally and internationally for its expertise in complex and class action litigation, energy production and distribution, midmarket mergers and acquisitions, information security and technology,...

Founded in 1948
1,700 people in their team
English
The traits that fueled Skadden’s rise from a New York startup to a global powerhouse - collaborative, innovative, persistent - continue to define our firm culture. We remain intensely focused on the simple formula of developing an inclusive complement of extraordinary attorneys, working together...
Bailey Glasser
Boston, United States

Founded in 1999
123 people in their team
English
Founded by Ben Bailey and Brian Glasser in 1999 in Charleston, West Virginia, Bailey Glasser has grown to include 76 lawyers, with 17 offices across the United States. The firm’s complex litigation practice focuses on high-stakes commercial litigation; class actions for consumers, insureds,...
Gordon Rees Scully Mansukhani, LLP.
Boston, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...
Weil, Gotshal & Manges LLP
Boston, United States

Founded in 1931
1,100 people in their team
English
Founded in 1931, Weil has provided legal services to the largest public companies, private equity firms and financial institutions for the past 90 years. Widely recognized by those covering the legal profession, Weil’s lawyers regularly advise clients globally on their most complex Litigation,...
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About Banking & Finance Law in Massachusetts, United States

Banking and finance law in Massachusetts governs the operations, regulations, and legal relationships involving banks, credit unions, lenders, borrowers, and other entities operating in the financial sector. This area of law covers a wide array of activities like consumer and commercial lending, mortgage financing, secured transactions, bank regulations, financial compliance requirements, and more. Both state and federal laws apply, and financial institutions are overseen by entities such as the Massachusetts Division of Banks and federal agencies. For consumers, businesses, and lenders alike, understanding banking and finance laws is crucial to protecting interests and ensuring compliance with regulations.

Why You May Need a Lawyer

There are many situations in which you may require legal assistance in banking and finance. Common scenarios include:

  • Disputes with banks, such as unauthorized transactions, account freezes, or mistaken charges
  • Complex loan agreements, either as a borrower or lender
  • Foreclosure proceedings or defending against mortgage-related actions
  • Business loans or financing arrangements for commercial entities
  • Dealing with regulatory investigations or compliance matters
  • Restructuring debts or negotiating payment terms
  • Fraud investigations, identity theft, or cybersecurity breaches involving financial data
  • Breach of contract or fiduciary duties by lenders or borrowers
  • Issues with credit reports or consumer finance disputes

In all these instances, a banking and finance lawyer can help you understand your rights, negotiate on your behalf, ensure compliance, and represent you in court if necessary.

Local Laws Overview

Massachusetts has its own set of laws and regulations that supplement federal banking and finance statutes. Key aspects include:

  • Massachusetts Division of Banks (DOB): This state agency is responsible for supervising and regulating state-chartered banks, trust companies, credit unions, and other financial institutions.
  • Consumer Protection Laws: Massachusetts enforces strict consumer protection laws, including prohibitions on unfair or deceptive acts in financial services, under the Massachusetts Consumer Protection Act (Chapter 93A).
  • Predatory Lending Laws: There are extensive regulations limiting predatory lending, especially in mortgage and payday lending. Massachusetts imposes licensing and compliance requirements to protect borrowers.
  • Foreclosure and Mortgage Laws: The state has specific procedures lenders must follow to foreclose on property, designed to protect homeowners and guarantee due process.
  • Usury Laws: Massachusetts sets limits on the maximum interest rates that can be charged by lenders, with exceptions for certain regulated financial entities.
  • Commercial Financing: Businesses seeking loans or capital must comply with both state and federal finance and securities regulations.

It is important to be aware that both state and federal laws, like the Truth in Lending Act and Dodd-Frank Act, may apply to your case, and compliance with local statutes is essential.

Frequently Asked Questions

What laws govern banks in Massachusetts?

Banks in Massachusetts are regulated by both state laws, overseen by the Division of Banks, and federal laws depending on their charter and activities. This includes compliance with rules set by the Federal Reserve, FDIC, and OCC for federally-insured institutions.

Can banks in Massachusetts charge any interest rate they want?

No. Massachusetts enforces usury laws that generally limit the maximum interest rate lenders can charge, with certain exceptions for banks and licensed entities. Interest rate caps are in place to protect consumers from unreasonable charges.

What rights do consumers have if there is unauthorized activity on their account?

Consumers are protected under both state and federal regulations. In most cases, if you report unauthorized transactions promptly, your liability is limited. Banks are required to investigate and address such issues under federal laws like the Electronic Fund Transfer Act.

What should homeowners know about foreclosure in Massachusetts?

Massachusetts requires lenders to follow a regulated foreclosure process, including providing required notices to homeowners and adhering to waiting periods. There are also opportunities for mediation and loan modification before foreclosure is finalized.

Are payday loans legal in Massachusetts?

Payday lending is highly restricted and generally not permitted in Massachusetts. The state imposes strict licensing and interest rate rules that effectively prohibit most payday loans.

How are business loans regulated in Massachusetts?

Business loans must comply with state and federal lending laws. Lenders generally must be licensed, and certain types of loans may trigger additional regulatory scrutiny or disclosure requirements.

What is predatory lending and how does Massachusetts address it?

Predatory lending involves unfair or deceptive loan practices that harm borrowers. Massachusetts combats predatory lending with stringent licensing, disclosure, and fair lending laws, particularly in areas such as mortgage lending.

What is the role of the Massachusetts Division of Banks?

The Division of Banks supervises and regulates state-chartered banks, credit unions, and non-depository financial service companies. They enforce compliance, investigate complaints, and protect consumers.

How can I dispute a credit report error in Massachusetts?

You have the right to contact both credit reporting agencies and the financial institution to dispute errors. The business must investigate within 30 days and correct any inaccuracies in compliance with state and federal law.

When should I consult a banking and finance lawyer?

You should consult a lawyer when you face disputes with banks, complex financing arrangements, foreclosure proceedings, are accused of violating finance laws, or need guidance on compliance and regulations. A lawyer can help protect your interests and navigate complex legal requirements.

Additional Resources

If you need more information or assistance regarding banking and finance in Massachusetts, the following resources can help:

  • Massachusetts Division of Banks: Provides regulation, consumer information, licensing, and complaint resolution services for financial institutions and consumers.
  • Office of the Attorney General - Consumer Advocacy and Response Division: Handles consumer complaints and provides guidance on dealing with financial institutions and unfair practices.
  • Federal Deposit Insurance Corporation (FDIC): For federally-insured banks and related consumer resources.
  • Consumer Financial Protection Bureau (CFPB): Offers resources and complaint processes for financial service issues nationwide.
  • Massachusetts Bar Association: Offers lawyer referral services for those seeking legal representation in banking and finance matters.

Next Steps

If you are facing a banking or finance legal issue in Massachusetts, follow these steps:

  • Identify the specific problem or area of concern, such as a dispute with a bank, a mortgage issue, or a business loan question.
  • Gather all relevant documents, such as account statements, correspondence, contracts, or loan agreements.
  • Contact the bank or financial institution directly to attempt to resolve the issue, keeping notes of all communications.
  • If the issue cannot be resolved or is highly complex, consult with an experienced Massachusetts banking and finance lawyer. They can offer tailored legal advice, represent your interests, and help you navigate regulations.
  • Reach out to relevant regulatory agencies, like the Massachusetts Division of Banks or the CFPB, to file complaints or seek guidance if necessary.

Seeking legal advice early can prevent costly mistakes and help ensure your rights are protected throughout any legal, regulatory, or financial process.

Lawzana helps you find the best lawyers and law firms in Massachusetts through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Banking & Finance, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Massachusetts, United States - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.