- 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.”
You can view the updated guidance here.
Public Deposits Legislation Introduced in Maryland
February 26, 2020 — Companion bills, SB975 and HB1489, which would permit Maryland credit unions to accept public funds and authorize Maryland government entities to deposit public funds in credit unions, were introduced in the House and Senate at the request of local government. According to its website, the MD|DC Credit Union Association “fully supports the bills to enable localities to have the opportunity to keep their public deposits in local institutions that will reinvest back into their communities.”
Hearings are scheduled for March 3 in the Senate Finance Committee and March 6 in the House Economic Matters Committee.
Financial commissioner outlines CU-to-bank conversion requirements
May 1, 2016 –– The state’s financial regulator outlines the requirements for a local credit union to meet in converting to a bank charter (see more here at CUToday.info).
Maryland Department of Labor, Licensing and Regulation Announces Staffing Changes
June 18, 2014 – The Maryland Department of Labor, Licensing and Regulation, the state-chartered credit union regulator, has announced staffing changes within the Department. Veteran staffer Linda Carson, who retired in 2013 as the Financial Depository Examiner Supervisor, has returned to the Department as a part-time contract employee in the same role. The Department also announced the hiring of Marcelo Alcoba as a Financial Depository Examiner Trainee. For more information on the Maryland Department of Labor, Licensing and Regulation, visit the Department’s website.
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