State offices and all DLLR physical locations will be closed to the public November 26 through November 28, 2014. However, Unemployment Insurance telephone and Web operations WILL be available on Wednesday, November 26.

Office of the Commissioner of Financial Regulation

 

Frequently Asked Questions - Banks and Credit Unions

 
  1. Who regulates Maryland banks?
  2. What should I do if I have a question about or a problem with a State-chartered bank?
  3. Who answers general questions about banking laws or banking practices?
  4. Who regulates Maryland credit unions?
  5. What should I do if I have a question about or a problem with a 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 Regulations responsible for resolving complaints about 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 Maryland banks?
That depends on what type of bank it is:

The Commissioner of Financial Regulation regulates banks chartered by the State of Maryland.
List of 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 loans 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-licensed banks headquartered in other states that have branch offices in Maryland. Please search Federal Deposit Insurance Corporation's Bank Find database to find out what type of charter (state, national, federal) your bank has. After finding out the charter of the bank, 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 commercial banks such as Branch Banking and Trust (BB&T) that are not members of the Federal Reserve System are regulated by the Federal Deposit Insurance Corporation (FDIC). Please contact the FDIC at 877-275-3342.

    *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 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 so that we have all of the important information necessary to address the issue. 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 Commissioner of Financial Regulation.

Who regulates Maryland credit unions?
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 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 names.

What should I do if I have a question about or a problem with a 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 so that we have all of the important information necessary to address the issue. 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 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 the State. Write or call for information.

Is the Commissioner of Financial Regulation responsible for resolving complaints about State-chartered banks or credit unions?
The Commissioner of Financial Regulation is responsible for the safety and soundness of State-chartered financial institutions. The Commissioner has the authority to enforce compliance with State banking laws. 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 banks in Maryland must be members of the Federal Deposit Insurance Corporation (FDIC). Therefore, each customer’s deposits are insured up to $250,000. Additionally, banks are examined regularly by State and federal examiners to ensure compliance with banking laws and regulations. Banks found to be in violation are ordered to take prompt corrective action to correct the problem.

 
List of State-Chartered Banks List of State-Chartered Credit Unions List of State-Chartered Trust Companies CRA Ratings for Banks Applications and Forms
Maryland Annotated Code Frequently Asked Questions Bank Data - State and National Related Links Banks, Credit Unions & Trust Companies home page