MARYLAND FINANCIAL CONSUMER PROTECTION COMMISSION

Gary Gensler, Chair (chosen by Senate President & House Speaker)

Appointed by Governor: Robin Barnes Shell; Rodney H. Staatz.

Appointed by Senate President: Joanne C. Benson; James C. Rosapepe.

Appointed by House Speaker: C. William Frick; Susan L. M. Aumann.

Appointed by Senate President & House Speaker: Anne M. Balcer; Eric S. Friedman; Mark A. Kaufman; Karren J. Pope-Onwukwe.

Ex officio: Brian E. Frosh, Attorney General; Antonio P. Salazar, Esq., Commissioner of Financial Regulation.

Staff: Eric F. Pierce

[photo, Legislative Services Building (from College Ave.), 90 State Circle, Annapolis, Maryland] c/o Department of Legislative Services
Legislative Services Building, 90 State Circle, Annapolis, MD 21401
(410) 946-5510, (301) 970-5510
e-mail: eric.pierce@mlis.state.md.us
web: http://dls.maryland.gov/policy-areas/maryland-financial-consumer-protection-commission


Legislative Services Building (from College Ave.), 90 State Circle, Annapolis, Maryland, January 2018. Photo by Diane F. Evartt

Report to Governor & General Assembly due Dec. 31, 2017 (Chapters 18 & 781, Acts of 2017).

Report to Governor & General Assembly due Dec. 31, 2018 (Chapters 18 & 781, Acts of 2017).

In June 2017, the Maryland Financial Consumer Protection Commission was authorized by the General Assembly (Chapters 18 & 781, Acts of 2017).

The Commission assessed the impact of potential changes to federal financial industry laws, regulations, budgets, and policies. This included changes to the federal Dodd-Frank Wall Street Reform and Consumer Protection Act; the Consumer Financial Protection Bureau; the Securities and Exchange Commission; the Commodities Futures Trading Commission; the Pension Benefit Guaranty Corporation; the U.S. Department of Labor; the Federal Reserve Board; and any other federal financial regulators. Moreover, the Commission recommended ways to protect Marylanders in financial transactions and services.

Further, the Commission studied and reported on State action to regulate cryptocurrencies, initial coin offerings, cryptocurrency exchanges, blockchain technology; and data breaches. It also considered changing State law to ensure that protection intended under the Model State Consumer and Employee Justice Enforcement Act and the U.S. Department of Labor conflicts of interest rule that addresses fiduciary duty standards of care; and clarifying State law to set standards for student loan servicers, and to protect Maryland buyers of manufactured homes (Chapters 731 & 732, Acts of 2018).

Authorization for the Commission ended June 30, 2019.

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