Maryland’s Office of Financial Regulation Earns Accreditation and Accolades for its Regulatory Programs

The Maryland Department of Labor’s Office of the Commissioner of Financial Regulation (Office) announced Monday that its bank and mortgage regulatory programs have achieved re-accreditation and its money service business regulatory program has received initial accreditation from the Conference of State Bank Supervisors (CSBS).

The Office is only the seventh state agency in the country to earn accreditation in all three program areas.

“I want to congratulate Commissioner Salazar and his dedicated, hard-working team on this important distinction,” said Maryland Department of Labor Secretary Tiffany Robinson. “Commissioner Salazar and his team are well-known for providing high-quality, financial regulatory services to residents and businesses throughout the State of Maryland and we all benefit from their dedicated efforts to serve and protect us,” continued Robinson.

The Commissioner of Financial Regulation is responsible for supervising the activities of financial service providers, including businesses that provide banking, mortgage, check cashing, or money transmission services to Maryland residents. The Office conducts examinations and investigates complaints from Maryland consumers about these businesses.

“Our Office’s Accreditation is gratifying as it represents an acknowledgment of our Office’s professional operations, our staff’s skill, and the admirable results we have been able to obtain on behalf of Maryland’s consumers,” said Commissioner Salazar. “Maryland citizens should know that every day we are striving to operate a modern regulatory agency to ensure that the state’s consumer protection laws are enforced and that Maryland’s financial service providers are run in a safe and responsible manner.”

CSBS commended the Office for its education and outreach efforts in the areas of foreclosure prevention, student loan debt, and combating senior financial exploitation; and for its “active yet judicious” use of enforcement authority, noting that over the past three years the Office has ordered over $4,000,000 in consumer refunds and restitution to be paid by supervised businesses for harmful practices uncovered during examinations and investigations.

CSBS is a national organization that supports state financial regulators by promoting innovative and responsive supervision of the banking and financial services industries. CSBS’s Accreditation Program identifies agencies that “serve the citizens of their state by operating a capable and professional regulatory program.”