Coronavirus/COVID-19 Information - Financial Regulation
(This page will be updated when new information becomes available. Please check back frequently.)
Government agencies and Maryland businesses – including banks, credit unions, mortgage companies, and other financial service providers – are following state and federal directives to protect the public and prevent the spread of the coronavirus that causes the respiratory illness COVID-19.
The Office of the Commissioner of Financial Regulation is committed to keeping Marylanders informed about the impact these emergency preventative measures will have on their financial institutions and financial activities.
HELP FOR CONSUMERS
QUICK TIPS FOR CONSUMERS
- Use online account access or mobile apps to conduct your financial transactions to avoid person-to-person contact.
- Regularly check your financial institution’s website for up-to-date information about changes to business hours, branch closures, and other matters pertaining to the coronavirus and COVID-19.
- Contact your financial institution as soon as possible if you anticipate having difficulty repaying a loan or other debt obligation because of COVID-19 related circumstances.
- Beware of COVID-19 related scams. See the Additional Resources section for a list of government websites with reliable and current information.
What should I do if I cannot afford my mortgage payment or other loan payment?
- For non-bank businesses such as mortgage companies, student loan servicers, consumer lenders, or collection agencies, see your most recent statement to find the appropriate contact information.
- For bank information, see the Maryland Bankers Association’s coronavirus-related resource page.
- For credit union information, see the MD|DC Credit Union Association’s consumer guide to credit unions.
Additional options are available for student loan borrowers and mortgage borrowers facing default due to COVID-19 circumstances. See the pages on Student Loan Relief and Mortgage Relief and Foreclosure Prevention for more information.
Will I continue to have access to my money? Should I withdraw cash from my account?
Your money is safe in an insured financial institution. Checking, savings, share, and other deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) up to $250,000 per depositor per account.
How should I be accessing my bank account and conducting financial transactions?
If you do not already have electronic access to your financial account(s), you may wish to set this up as soon as possible through your institution’s website or mobile app. Electronic access allows you to view account transactions and check balances from home using your personal computer, laptop, smartphone, or tablet. Depending on the type of institution, you may also have the ability to pay bills, transfer funds, and deposit checks remotely.
What should I do if I need to visit my bank, credit union, or financial services provider in-person?
If you do need to visit a business in-person, follow these guidelines to keep yourself and others safe:
- Use the ATM or drive-through lanes, if available.
- If you need to meet with an employee to discuss your account, call ahead to schedule an appointment. This may reduce the amount of time needed for your visit.
- Maintain a safe distance from others and do not shake hands.
- Try to refrain from directly touching publicly-used items such as pens, touchscreens, and keypads. Bring your own pen, and consider wearing single-use gloves or using sanitizer wipes for touchscreens or keypads.
- Always wash your hands after visiting any business or public area.
Can I still take out a loan to purchase a home or refinance my mortgage?
“If you’ve applied for a mortgage, please be aware that there may be delays in the process. Some lenders may be operating with reduced staff, or may have directed staff to work from home. There may be delays in obtaining appraisals, inspections, or other services essential to processing your loan application. Stay in communication with your lender, but keep in mind that your lender is most likely doing its best to approve your application as quickly as possible. Please be patient. If you are buying a home and are concerned about missing the closing date specified in your contract, let your lender know, and contact your real estate agent as well. Remember that your seller may be just as concerned about selling the home as you are about buying it, and may agree to extend the contract.”
AAMR has the complete message regarding COVID-19 posted on its website.
The Office of the Commissioner of Financial Regulation (“Office”) is Maryland's banking and financial services regulatory agency. The financial institutions and businesses supervised by the Office include, but are not limited to:
- state-chartered banks and credit unions;
- mortgage lenders, servicers, brokers and originators;
- consumer lenders, installment lenders, and sales finance companies;
- check cashing and money transmission services;
- collection agencies and credit reporting agencies; and
- debt management and credit services businesses.
The Office is also home to the Student Loan Ombudsman, a dedicated resource for Marylanders experiencing student loan servicing issues. For a complete list of supervised businesses and to learn more about the Office, return to our home page.
If you have an inquiry or complaint about a financial institution or financial services business in the above list, please contact our Consumer Services Unit by email at DLFRComplaints-LABOR@maryland.gov or by phone at 410-230-6077.
Maryland Attorney General has issued a warning to consumers about COVID-19 scams.
The Maryland Department of Labor’s Unemployment Insurance Division website has answers to Frequently Asked Questions on COVID-19 and unemployment benefits.
The Consumer Financial Protection Bureau website has information about protecting your finances during the coronavirus pandemic.
Information about the Hogan administration's ongoing and evolving response to COVID-19.
For state health resources and information, see the Maryland Department of Health's website .
For federal public health guidance, see the Centers for Disease Control COVID-19 preparation and protection guidelines; and for global public health advice, see the World Health Organization COVID-19 advice for the public.