Maryland

REGULATING AGENCY: Maryland Department of Labor; Office of Financial Regulation

Maryland State House

LEAGUE: MD|DC Credit Union Association

PRIVATE SHARE INSURANCE: YES

STATS: (As of June 2021)

Total Number of Credit Unions: 75

  • TOTAL # SCUs: 7
  • TOTAL # FCUs: 68
  • SCU % OF TOTAL (SCUS #/STATE TOTAL #): 9%

Total Assets: $32,518,273,417

  • TOTAL $ SCU ASSETS: $7,342,132,854
  • TOTAL $ FCU ASSETS: $25,176,140,563
  • SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 23%

Total Members: 2,018,231

  • TOTAL Members SCUs: 448,806
  • TOTAL Members FCUs: 1,569,425
  • SCU % OF TOTAL (SCUS/STATE TOAL): 22%

FUN FACT: Maryland forests cover approximately 2.7 million acres or 43% of the state’s land surface. Oak and hickory are the dominant hardwood or deciduous forest types, making up 60% of forested areas. Loblolly pine is the most prevalent softwood and is the predominant forest wood on the Eastern Shore.


RECENT NEWS

What Credit Unions Need to Know About MD Court Ruling on Debt Collection

 August 31, 2021 — In overturning a decision by the lower courts, the Maryland Court of Appeals ruled the Maryland Consumer Debt Collection Act is not limited to “methods” of debt collection only.

The case stems from a collections company seeking 10% interest when they were permitted only 6% after winning judgments in state district court. The high court said requests for exorbitant recoveries are covered under the MCDCA, specifically Section 14-202(8), which bars debt collectors from claiming, attempting or threatening “to enforce a right with knowledge that the right does not exist.” The non-existent “right,” in these cases, is an amount in excess of the permitted debt recovery, the court added.It is important to note that consumers will have to show that the debt collectors knew the amount requested is in excess of permitted debt recovery.

Credit unions will want to ensure that their third-party debt collection companies understand the recovery laws and limits in the State of Maryland.


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