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About the the Office of Financial Regulation
To protect Marylanders through the operation of a modern financial regulatory system that promotes respect for consumers, safety and compliance, fair competition, responsible business innovation, and a strong state economy.
What We Do
The Office of Financial Regulation, is Maryland's consumer financial protection agency and financial services regulator. We are the state office that makes sure financial institutions and financial service providers are treating Maryland consumers fairly, operating in a fiscally sound manner, and following state laws and regulations.
To accomplish these tasks, our Office:
- Charters Maryland financial institutions and licenses or registers businesses or individuals that provide financial services to Maryland consumers (“financial service providers”).
- Supervises financial institutions and financial service providers by conducting examinations or investigations to ensure compliance with state laws and regulations.
- Receives and investigates complaints from Maryland consumers involving regulated financial institutions and financial service providers , including investigating accusations of fraud or other illegal activity.
- Conducts outreach to keep Maryland consumers, financial institutions, and financial service providers informed of their respective rights and responsibilities.
To learn more about what we do, see our Annual Reports available on the Publications page.
Who We Regulate
The financial institutions and financial service providers regulated by our Office include, but are not limited to*:
- Lenders that issue or service mortgage loans, personal loans, vehicle loans, or installment loans.
- Check cashing and money transmission services.
- Collection agencies and credit reporting agencies.
- Debt management and credit repair businesses.
- Sales financing companies and student loan servicing companies.
- Banks, credit unions, and trust companies chartered in Maryland.
*See Regulated Industries and Activities for a more extensive list of the financial services supervised under the jurisdiction of our Office.
Office Structure
See the Senior Management Organizational Chart for our current leadership team.
Commissioner of Financial Regulation
Antonio P. “Tony” Salazar has served as Maryland’s Commissioner of Financial Regulation since July 5, 2017. Commissioner Salazar has over 35 years of experience in banking law, commercial financing transactions, loan restructurings and work-outs, real estate, and general business law transactions.
Depository Activities
Corporate Activities
The Corporate Activities Unit reviews and processes all applications filed by banks, credit unions, and trust companies for new charters, mergers, acquisitions, affiliates, stock conversions, changes in control, branches, foreign bank offices, field of membership changes, and all other approvals required under Maryland law.
Depository Supervision Unit
The Depository Supervision Unit is responsible for the supervision and examination of all Maryland-chartered banks, credit unions, and trust companies.
Financial Services Licensing and Supervision
Licensing
The Licensing Unit is responsible for the licensing and registration of non-depository financial service providers.
Mortgage Supervision
The Mortgage Supervision Unit is responsible for the supervision and examination of licensed mortgage brokers, lenders, servicers, and loan originators operating in Maryland.
Money Services and Consumer Credit Supervision
The Money Services and Consumer Credit Supervision Unit is responsible for the supervision, examination and investigation of licensed or registered money transmitters, check cashers, debt management companies, and other consumer credit businesses operating in Maryland.
Enforcement
The Enforcement Unit investigates fraud-related issues and conducts specialized investigations involving chartered, licensed and unlicensed business entities, with the goal of uncovering improper business practices or violations of law.
Operations
The Operations Unit provides technical and administrative support to the Non-Depository Units described above and to the State Collection Agency Licensing Board. The Operations Unit is also responsible for administering the Maryland Foreclosure Registration System (FRS).
Consumer Services, Outreach and Trend Analysis
Consumer Services
The Consumer Services Unit responds to inquiries from the public and investigates consumer complaints involving regulated financial service providers, with the goal of resolving those complaints. Maryland residents may submit a complaint using the complaint form or by writing a letter or email describing their issue. See Consumer Complaints and Inquiries for instructions on how to submit a complaint to our Office.
Outreach and Education
The Outreach and Education Unit conducts and coordinates outreach and education to Maryland consumers, the financial services industry, nonprofit partners, and government agencies.
Trend Analysis and Reporting
The Trend Analysis and Reporting Unit implements and oversees many of the data and reporting needs of the Office, both internal and external, to inform the Office’s decision-making and assist in strategic planning.
Policy
The Policy Unit coordinates the Office’s legislative response and regulatory activities, including researching policy changes, legislation, and regulations at local, state and federal levels.
State Collection Agency Licensing Board
The State Collection Agency Licensing Board is responsible for the licensing and supervision of collection agencies operating in Maryland.
Student Loan Ombudsman
The Student Loan Ombudsman is designated by the Commissioner to monitor student loan servicing activity in Maryland. The Ombudsman investigates consumer complaints involving student loan servicers and provides outreach and education about the rights of student loan borrowers in Maryland.
Fintech Innovation Contact
The Financial Technology (“Fintech”) Innovation Contact is designated by the Commissioner to support innovation efforts in the financial services sector and to facilitate communication between the Office, entrepreneurs and fintech companies.
Interested in employment opportunities with our Office? See our open positions here.
Quiénes somos
La Oficina del Comisionado de Regulación Financiera ("Oficina") es responsable de constituir y supervisar los bancos, cooperativas de crédito y sociedades fiduciarias con privilegios estatales de Maryland; otorgar licencias y supervisa las instituciones financieras autorizadas por el Estado incluyendo a los prestamistas hipotecarios, corredores hipotecarios, proveedores de servicios hipotecarios y originadores de préstamos hipotecarios. Además, incluye productores-originadores de seguros asociados, compañías para cambiar cheques, compañías para enviar dinero, agencias de cobro de deudas de los consumidores, prestamistas, prestamistas a plazos, empresas de financiación de ventas, empresas de servicios de crédito y empresas de gestión de la deuda. Además, registra y supervisa las agencias de informes de crédito y las deudas de las empresas. Estos esfuerzos de la Oficina, son para asegurar el cumplimiento con las leyes y reglamentos del Estado de Maryland.
La Oficina presta asistencia a los consumidores mediante la investigación de sus quejas contra las prácticas comerciales cuestionables que afecten a entidades financieras con privilegios estatales, con licencia y registradas bajo su supervisión y autoridad. La Oficina también ofrece charlas enfocadas en la ejecución de hipotecas y las hipotecas delincuentes en el Estado. Además, la Oficina ayuda a conectar a los consumidores de Maryland con una educación financiera eficaz e disponible a través del Estado y a nivel nacional.