Welcome to the Office of the Commissioner 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.
The Office of the Commissioner of Financial Regulation (“Office” or “OCFR”), established in 1910, is Maryland's consumer financial protection agency and financial services regulator. The Office is responsible for chartering and supervising Maryland state-chartered banks, credit unions and trust companies; licensing and supervising state-licensed financial institutions including mortgage lenders, mortgage brokers, mortgage servicers, mortgage loan originators, affiliated insurance producer-originators, check cashers, money transmitters, consumer debt collection agencies, consumer lenders, installment lenders, sales finance businesses, credit services businesses, debt management companies; and registering and supervising credit reporting agencies and debt settlement companies, to ensure compliance with the laws and regulations of Maryland.
The Office provides assistance to consumers by investigating complaints of questionable business practices involving state-chartered, licensed, and registered financial institutions under its supervision and authority. The Office also conducts outreach to consumers, industry, government, and nonprofit partners about issue areas within the jurisdiction of the Commissioner.
See Regulated Industries and Activities for more information about the financial services providers and activities supervised by the Commissioner of Financial Regulation.
See the Senior Management Organizational Chart for current OCFR senior management.
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.
Mr. Salazar is responsible for the Office of the Commissioner which is Maryland’s consumer financial protection agency and financial regulator. The Office is responsible for the supervision of all of the state-chartered banks, credit unions, and trust companies and over 18,000 non-depository licensees and registrants, including mortgage lenders, brokers, servicers and originators, money transmitters, check cashers, debt management services providers, debt settlement services providers, consumer lenders, sales finance companies, installment loan companies, credit service businesses, collection agencies, mobile home retailers, and consumer credit reporting agencies.
Depository Corporate Activities Unit
The Depository Corporate Activities Unit is responsible for the review and processing of 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.
The Licensing Unit is responsible for the licensing or registration of financial services providers including mortgage lenders, brokers, servicers, and originators, consumer lenders, installment lenders, sales finance companies, credit service businesses, money transmitters, check cashers, debt management services providers, debt settlement services providers, and credit reporting agencies.
Non-Depository Supervision Unit
The Non-Depository Supervision Unit is responsible for the supervision, examination, and/or investigation of the business activities of licensees and registrants.
The Enforcement Unit is the investigatory and enforcement arm of the Commissioner and is responsible for investigating fraud-related issues and conducting specialized examinations involving Maryland chartered banks, credit unions, and trust companies, licensed financial services providers, registrants, individuals, and unlicensed business entities, with the goal of uncovering improper business practices and/or violations of law subject to the jurisdiction of the Commissioner. The Enforcement Unit is also tasked with coordinating the enforcement activities brought by the Commissioner, including determining whether action is warranted, referring matters to litigation counsel, and managing the enforcement process should action be taken.
The Operations Unit is responsible for providing technical and administrative support to the three operational units that carry out the Non-Depository Supervision program. It facilitates the development and maintenance of operational procedures as well as employee training. As part of those responsibilities, the senior manager in charge of the Operations Unit also chairs a committee whose primary function is to facilitate communication and coordination among leadership of the units engaged in non-depository supervisory activities.
The Unit is also responsible for administering the Maryland Foreclosure Registration System (FRS). For more information about the FRS, see the Residential Property Foreclosures – Industry Resources page. To view aggregated foreclosure data (volume received per week and per month), see the Foreclosure Data Tracker page.
In addition to these responsibilities, the Unit provides primary administrative assistance to the State Collection Agency Licensing Board.
Policy and Consumer Services
The Policy and Consumer Services Unit is responsible for conducting outreach and education, coordinating legislative and regulatory response and investigating consumer inquiries and complaints. Direct outreach is to a variety of audiences including consumers, industry, government partners, and other stakeholders with regard to issue areas impacting the jurisdiction of the Office. Policy support responsibilities include researching policy changes, legislation, and regulations at each of the local, state and federal levels. Consumer financial education responsibilities are geared towards connecting Maryland consumers to effective financial education opportunities, including proactively educating Maryland consumers on the basics of making sound financial decisions, informing Maryland consumers of their rights under State law, and providing Maryland consumers with referral information about local consumer service providers.
The Consumer Services Unit investigates consumer inquiries and complaints involving financial services providers in the State of Maryland with a goal of resolving those complaints. Maryland residents may file a complaint simply by writing a letter detailing the nature of their concern or completing a complaint form. (NOTE: a complaint may be mailed, hand-delivered, e-mailed, or sent by facsimile to the Office).
The Administration Unit is responsible for providing administrative and support services to the Commissioner and the Office. These services include, but are not limited to, Human Resources, Budget, Procurement, Information Technology, Telecommunications, and space planning.
Fintech Innovation Contact
The Commissioner of Financial Regulation has designated an “Innovation Contact” within the Agency to support innovation efforts in the financial services sector and to facilitate communication between the Commissioner’s Office and entrepreneurs and fintech companies.
State Collection Agency Licensing Board
The State Collection Agency Licensing Board is responsible for the licensing and supervision of collection agencies operating in Maryland. The Board is comprised of 5 members – the Commissioner serves as chairman, and the Governor, with the consent of the Senate, appoints the other four members, consisting of two consumer representatives and two industry representatives, each to a 4-year term.
The Board, with the assistance of OCFR staff, receives and processes licensing applications, monitors and disciplines licensees, investigates written complaints and mediates disputes, and engages in enforcement activity to correct violations of Maryland law. The Board also engages in public outreach efforts to both consumers and licensees about industry trends and abusive debt collection practices.
Student Loan Ombudsman
The Student Loan Ombudsman (“Ombudsman”) is designated by the Commissioner of Financial Regulation to monitor student loan servicing activity in Maryland. The Ombudsman serves as a liaison between student loan borrowers and student loan servicers. Student loan servicers operating in Maryland are required to: (a) designate an individual to represent the student loan servicer in communications with the Ombudsman, and (b) provide the designee’s name, phone number, and e-mail address to the Ombudsman.
The Ombudsman reviews and investigates complaints from student loan borrowers in Maryland. The Ombudsman may refer any matter that is abusive, unfair, deceptive, or fraudulent for civil enforcement or criminal prosecution.
Reports from OCFR
OCFR Annual Reports
Student Loan Ombudsman Annual Reports
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.