Office of the Commissioner of Financial Regulation

 

Frequently Asked Questions - Banks and Credit Unions

 
  1. Who regulates banks that operate in Maryland?
  2. What should I do if I have a question about or a problem with a Maryland state-chartered bank?
  3. Who answers general questions about banking laws or banking practices?
  4. Who regulates credit unions that operate in Maryland?
  5. What should I do if I have a question about or a problem with a Maryland state-chartered credit union?
  6. Who answers general questions about credit union laws or credit union practices?
  7. Who regulates money transmitters in Maryland?
  8. Is the Commissioner of Financial Regulation responsible for resolving complaints about Maryland state-chartered banks or credit unions?
  9. How can customers be sure that their banks are safe?
  10. What happened to my bank?
  11. CRA Ratings for Banks
  12. Application Forms and Information
  13. Related Links
 

Who regulates banks that operate in Maryland?
That depends on what type of bank it is:

The Commissioner of Financial Regulation regulates all banks chartered by the state of Maryland.
List of all Maryland state-chartered banks

  • National Banks: Many national banks are distinguished by the words "national" or "national association" or the initials "N.A." used in their name. Check your official bank documents such as checks, loan documents, or bank statements to find out if your financial institution is a national bank.

  • Federal Savings Banks/Savings and Loan Associations: Many federal savings banks and savings and loan associations are distinguished by the words "federal savings bank", "federal association", "federal", or "federal savings and loan association", or the initials "F.A.", or "F.S.B." or "F.S.L.A." in their name. Check your official bank documents such as checks, loan documents, or bank statements to find out if your financial institution is a federal savings bank or savings and loan association.
     
    National Banks and Federal Savings Banks/Savings and Loan Associations are regulated by the Office of the Comptroller of the Currency (OCC).  You can reach the OCC's Customer Assistance Group at 800 613-6743.
     
  • Other State Banks: There are some state-chartered banks headquartered in other states that have branch offices in Maryland. Please search Federal Deposit Insurance Corporation's Bank Find database to determine who the primary regulator is, (i.e. which state or the OCC), your bank is chartered by. After finding the primary regulator, you can contact the appropriate state banking regulatory authority. The Conference of State Bank Supervisors (CSBS) provides contact information for all State Banking departments.
     
    *State chartered non-member banks, such as Branch Banking and Trust, are regulated by the Federal Deposit Insurance Corporation (FDIC). Please contact the FDIC at 877-275-3342 or North Carolina Office of Commissioner of Banks, the bank's primary regulator, at 919-733-3016.

    *All complaints involving SunTrust Bank must be forwarded directly to the Federal Reserve Board or contact the agency at 888-851-1920.

What should I do if I have a question about or a problem with a Maryland state-chartered bank?
Start by contacting the bank, beginning with the branch where you opened your account. If the bank cannot answer your question or you are unable to resolve the problem, the Office of the Commissioner of Financial Regulation may be able to help you. We request that questions or complaints be submitted to us in writing with copies of supporting documentation included. Please provide relevant details such as, names, dates, account numbers, locations, etc. We will refer your complaint to the appropriate bank for a response. File a complaint.

Who answers general questions about banking laws or banking practices?
Write or call the Office of the Commissioner of Financial Regulation.

Who regulates credit unions that operate in Maryland?
That depends on what type of credit union it is:

The Commissioner of Financial Regulation regulates all credit unions chartered by the State of Maryland.
List of all Maryland state-chartered credit unions

The National Credit Union Administration, at 800-755-1030, regulates federal credit unions. These credit unions have the word "federal" in their name.

What should I do if I have a question about or a problem with a Maryland state-chartered credit union?
Start by contacting the credit union, beginning with the branch where you opened your account. If the credit union cannot answer your question or you are unable to resolve the problem, the Office of the Commissioner of Financial Regulation may be able to help you. We request that questions or complaints be submitted to us in writing with copies of supporting documentation included. Please provide relevant details such as, names, dates, account numbers, locations, etc. We will refer your complaint to the appropriate credit union for a response. File a complaint.

Who answers general questions about credit union laws or credit union practices?
Write or call the Office of the Commissioner of Financial Regulation.

Who regulates money transmitters in Maryland?
The Commissioner of Financial Regulation regulates money transmitters (sellers of money orders and traveler's checks) doing business in Maryland. Write or call for information. NMLS Consumer Access.

Is the Commissioner of Financial Regulation responsible for resolving complaints about Maryland state-chartered banks and credit unions?
The Commissioner of Financial Regulation is responsible for the safety and soundness of Maryland state-chartered financial institutions. The Commissioner has the authority to enforce compliance with State banking laws, regulations, and statutes. Matters involving crimes such as fraud or accusations of discrimination will be referred, after investigation, to the proper law enforcement agency. In cases where a consumer and a financial institution have a factual dispute, and they are unable to resolve the dispute, the Commissioner usually recommends that the consumer retain legal counsel to seek redress in court.

How can customers be sure that their banks are safe?
All Maryland State-chartered banks must be insured by the FDIC. Therefore, each customer’s deposits are insured up to $250,000. Additionally, banks are examined regularly by the State and federal agency to ensure compliance with banking laws, regulations and statutes. Banks found to be in violation of laws, regulations and/or statutes are ordered to take prompt corrective action to correct the violation.

 
CRA Ratings for Banks Applications and Forms Maryland Annotated Code Locate a Bank
OFR Emergency Preparedness Guide Related Links Frequently Asked Questions Fraud - Do You Suspect Fraud?