REGULATING AGENCY: Maryland Department of Labor; Office of Financial Regulation
- Tony Salazar, Commissioner
- Teresa Louro, Deputy Commissioner, Depository Supervision
- Website: dllr.state.md.us/finance
- Industry Advisories – Financial Regulation
LEAGUE: MD|DC Credit Union Association
STATS: (As of Dec 2020)
- TOTAL # SCUs: 7
- TOTAL # FCUs: 70
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 9% of 77 MD CUs
- TOTAL $ SCU ASSETS: $6,924,544,519
- TOTAL $ FCU ASSETS: $23,83,347,500
- TOTAL ASSETS: $30,707,892,019
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 23%
FUN FACT: On June 24, 1784, in Baltimore, 13-year-old Edward Warren went airborne in the first successful manned balloon launch in the United States.
- Maryland Commissioner of Financial Regulation Antonio P. Salazar has issued new regulatory guidance advising that the statewide reporting system for new foreclosure notices will remain closed through May 3, 2021.
The moratorium, originally established by the Governor’s executive order issued April 3, 2020, and continued through subsequent executive orders and regulatory guidance, was set to expire March 31, 2021. While the reporting system is closed, lenders are prohibited from sending a “notice of intent to foreclose” to homeowners.
“After analyzing multiple factors relating to the COVID-19 pandemic, the decision was made to extend the moratorium by prohibiting the initiation of new foreclosures,” said Commissioner Salazar. “We recognize that conditions in the State are improving. Our Office continues to actively monitor the economic trends within the State, the residential mortgage market, and the status of the virus response by associated governmental and public health authorities to determine if additional guidance will be necessary to minimize the impact of the pandemic on struggling Maryland homeowners.”
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