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About the Office of Financial Regulation - Financial Regulation

Mission

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 (OFR) is Maryland’s consumer financial protection agency and financial services regulator. We ensure financial institutions and service businesses treat Maryland consumers fairly, operate fiscally soundly, and follow all relevant laws and regulations.

OFR accomplishes those tasks through the following:

  • Licenses or registers financial service businesses and charters Maryland banks and credit unions.
  • Supervises financial institutions and businesses by conducting examinations or investigations to ensure compliance with laws and regulations.
  • Receives and investigates complaints from Maryland consumers about regulated financial institutions and businesses.
  • Conducts outreach to inform Maryland consumers, financial institutions, and businesses of their rights and responsibilities.

Who We Regulate

Financial institutions and businesses regulated by OFR include, but are not limited to:

  • Lenders that issue or service mortgage loans, personal loans, vehicle loans, and 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 and credit unions chartered in Maryland*

* National (federally-chartered) banks and credit unions, or banks and credit unions that are chartered in states other than Maryland, are not regulated by OFR, however certain activities may be under OFR’s jurisdiction.

For more information about who we regulate, visit the Financial Regulation website.

For Consumers

Consumer Services Unit - Responds to inquiries from the public and investigates complaints involving regulated financial institutions and businesses or allegations of unlicensed activity or fraud.

Maryland Student Loan Ombudsman - Monitors student loan servicing activity in Maryland. The Ombudsman investigates complaints involving student loan servicers and conducts outreach and education about the rights of student loan borrowers in Maryland.

  • If you are a Maryland student loan borrower with a question or complaint about your student loan servicing company, email [email protected] or call 410-230-6077.
  • To submit a student loan complaint electronically or access the Ombudsman’s educational resources, visit the Student Loan Ombudsman webpage.

For Industry

Financial Services Licensing Unit - Licenses and registers non-depository financial service providers.

  • If you are a financial service provider with questions about applying for or renewing a license or registration, email [email protected] or call 410-230-6155.

Corporate Activities Unit - Reviews and processes applications filed by banks, credit unions, and trust companies for approvals required under Maryland law.

  • If you are a depository institution with questions about your application or other approval, call 410-230-6014.

View additional OFR industry resources and contact information.

For general information about the Office

For general information about the Office:
Maryland Office of Financial Regulation
Financial Regulation Website
Phone: 410-230-6077
Email: [email protected]