Washington, D.C.—The Conference of State Bank Supervisors (CSBS) announced that the Maryland Division of Financial Regulation (DFR) has received a certificate of accreditation, certifying that the DFR maintains the standards and practices in state banking supervision set by CSBS’s accreditation program. The Maryland DFR first received CSBS accreditation 20 years ago this July and continues to maintain the highest levels of bank supervision in the country.
“It has always been our goal to provide the highest standards of bank supervision and regulation in the state of Maryland,” said Mark Kaufman, Maryland Commissioner of the Division of Financial Regulation. “Receiving this reaccreditation, particularly given the challenges faced by financial institutions and regulators alike in recent years, validates the quality work of the DFR staff and affirms our commitment to the communities we serve.”
The DFR is the primary regulator for financial institutions chartered in Maryland, including state-chartered banks, credit unions, and trust companies. DFR also supervises state-licensed financial entities, such as consumer finance companies, mortgage lenders, mortgage brokers, mortgage servicers, mortgage loan originators, credit reporting agencies, consumer debt collection agencies, debt management companies, check cashers, credit services businesses, and money transmitters.
The CSBS accreditation seeks to strengthen state banking departments and to demonstrate the high quality of state banking departments to the general public, the federal banking agencies, Congress, and other state banking departments.
“By setting high standards, CSBS is supporting public interest goals by identifying highly competent state banking departments and strengthening the capabilities of all departments,” said John W. Ryan, CSBS President and CEO. “For maintaining these high standards of supervision, I congratulate Commissioner Kaufman and his staff at the Maryland Division of Financial Regulation.”
The accreditation process begins with the completion of an extensive self-evaluation questionnaire on all department operations: administration and finance, personnel, training, examination, supervision, and legislative powers. Next, an external review team comprised of veteran state and federal regulators performs an on-site review and presents its findings to an audit team and to the Performance Standards Committee, the members of which vote on the reports of the review team and the audit team.