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.
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