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Office of the Commissioner of Financial Regulation

 

Maryland Commissioner of Financial Regulation Enters Into Agreement with New Federal Consumer Financial Protection Bureau

 

(BALTIMORE, 1/18/11) - Maryland's Commissioner of Financial Regulation, a division of the Maryland Department of Labor, Licensing and Regulation, today joined other members of the Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) in signing a memorandum of understanding (MOU) establishing a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services. Commissioner Mark Kaufman represented Maryland at a recent multi-state launch meeting held at the U.S. Department of the Treasury with Elizabeth Warren, the White House Special Advisor assigned to launch the Bureau and the CFPB implementation team.

"By signing this agreement, state regulators and the Consumer Financial Protection Bureau are moving toward more cooperative regulatory relationships and capturing the benefits of federalism," said Commissioner Kaufman. "Together, we can improve protection of Marylanders and consumers nationwide and better leverage resources to create a system that is more comprehensive and more efficient."

As part of the agreement, state regulators and the CFPB will consult each other regarding the standards, procedures and practices used to conduct compliance examinations of financial services providers. This includes both depository institutions, such as banks, and non-depository institutions, such as mortgage lenders, mortgage servicers and money transmitters.

View a copy of the Memorandum of Understanding (PDF document, 6.4MB, download Adobe Acrobat for free)