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Md. labor department’s financial regulation office earns re-accreditation

The Maryland Department of Labor’s Office of the Commissioner of Financial Regulation Monday announced that its bank and mortgage regulatory programs have achieved re-accreditation and its money service business regulatory program has received initial accreditation from the Conference of State Bank Supervisors (CSBS).

The office is only the seventh state agency in the country to earn accreditation in all three program areas.

The Commissioner of Financial Regulation is responsible for supervising the activities of financial service providers, including businesses that provide banking, mortgage, check cashing, or money transmission services to Maryland residents. The office conducts examinations and investigates complaints from Maryland consumers about these businesses.

CSBS commended the office for its education and outreach efforts in the areas of foreclosure prevention, student loan debt, and combating senior financial exploitation; and for its “active yet judicious” use of enforcement authority, noting that over the past three years the office has ordered more than $4 million in consumer refunds and restitution to be paid by supervised businesses for harmful practices uncovered during examinations and investigations.

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