Regulation of Banks and Credit Unions in Maryland - Financial Regulation

The United States has a “dual-banking system”. Essentially this means that federally chartered financial institutions are regulated by federal agencies under federal law; and state-chartered financial institutions are primarily regulated by state-level supervisory agencies under the chartering state’s laws and by a federal agency.

Who regulates BANKS operating in Maryland?

• National banks, federal savings banks, federal savings and loan associations, and thrifts are federally chartered and regulated by the U.S. Office of the Comptroller of the Currency (OCC). Complaints about federally chartered banks should be sent to the OCC. Federally chartered banks are usually identified by their name.
  • National bank names include "national", "national association", or the initials "N.A."
  • Federal savings banks and federal savings and loan associations have "federal savings bank", "federal association", "federal", "federal savings and loan association", or the initials "F.A.", "F.S.B." or "F.S.L.A." in their name.
• State-chartered banks are primarily regulated by the state-level supervisory agency where they are chartered.
  • The Maryland Commissioner of Financial Regulation is the regulator for Maryland state-chartered banks. The Commissioner’s Office receives complaints about the banks listed in the Directory of Maryland-Chartered Financial Institutions.
  • Complaints about a bank operating in Maryland but chartered by another state should be sent to the regulator in the state where the bank is chartered.
• State-chartered banks are also regulated at the federal level, in addition to state regulation and supervision.
  • State-chartered banks that are members of the Federal Reserve system are regulated by the Federal Reserve Bank in the district where they are located.
  • State-chartered banks that are not members of the Federal Reserve system are regulated by the Federal Deposit Insurance Corporation (FDIC).
• All banks operating in Maryland, whether federal- or state-chartered, are required to have deposit insurance with the FDIC.

Who regulates CREDIT UNIONS operating in Maryland?

• Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA) and have “federal credit union” or “FCU” in their name.
• State-chartered credit unions are primarily regulated by the state-level supervisory agency where they are chartered.
  • The Maryland Commissioner of Financial Regulation is the regulator for Maryland state-chartered credit unions. The Commissioner’s Office receives complaints about the credit unions listed in the Directory of Maryland-Chartered Financial Institutions.
  • Complaints about a credit union operating in Maryland but chartered by another state should be sent to the regulator in the state where the credit union is chartered.
• All credit unions operating in Maryland, whether federal- or state-chartered, are required to have deposit insurance with the NCUA or private share insurance.

Where can I learn more?

To find a bank’s federal regulator, use these search pages:

• FFIEC’s Consumer Help Center (Federal Financial Institutions Examination Council)
• OCC – Who Regulates My Bank?
• FDIC – BankFind Suite

To identify whether a credit union insured by the NCUA is state- or federally-chartered, see the NCUA’s Research a Credit Union tool.

To contact the state-level supervisory agency (regulator) for other states, see Contact Your State Bank Agency on the Conference of State Bank Supervisors website.

If you are unable to identify the regulator for a bank or credit union, call the financial institution directly or contact our Office for assistance.