Financial Institutions Division
The primary mission of the Financial Institutions Division is to license and regulate financial entities within its jurisdiction to promote a sound financial and economic environment and to safeguard consumer rights.
The Division regulates state-chartered banks, trust companies, savings & loan, credit unions, mortgage loan companies, small loan companies, and escrow companies. The Division also licenses other financial establishments such as small loan companies, collection agencies, mortgage firms and escrows.
Consumer protection is the underlying purpose of this Division that regulates over 8,300 financial institutions in New Mexico.
Compliance is the primary focus in the administration of different rules, regulations and acts related to non-depository industries (trust companies, collection agencies, endowed care cemeteries, small loan companies, motor vehicle sales finance companies, mortgage companies and loan brokers, escrow companies and money order companies).
Safety and soundness are the primary focus in the administration of the acts related to depository institutions (banks, credit unions, savings and loans).
To accomplish these goals the Division works closely with the Federal Deposit Insurance Corporation, the Federal Reserve Banks, and the National Credit Union Administration.
For more information contact:
Financial Institutions Division
P.O. Box 25101
Santa Fe, NM 87504
Phone: (505) 476-4885
Fax: (505) 476-4670
Important Notices and Regulatory Alerts
SCAM ALERT: Attorney General Warns New Mexicans about “Making Home Affordable” Program
AG Balderas: Do not pay Ocwen mortgage payments by Moneygram in response to a “Making Home Affordable” offer
Albuquerque, NM – Today, Attorney General Hector Balderas issued a scam alert to warn New Mexicans about a dangerous new scam preying on New Mexicans who are having trouble paying their mortgages.
“Do not pay Ocwen mortgage payments by Moneygram in response to 'Making Home Affordable' offer letters or calls,” said Attorney General Hector Balderas. “This is a scam and if you receive one of these letters or calls please contact the Consumer Protection Division of the Office of the Attorney General at 505-222-9100.”
Details about the scam:
• The Office of the Attorney General’s Consumer Protection Division has recently learned that New Mexico homeowners are being asked to send money to individuals by Moneygram.
• Ocwen has investigated the matter and determined that third-parties are posing as Ocwen employees to obtain payment from consumers.
• Consumers receive a letter advising them that they are being offered a “trial payment plan” or loan modification and then the consumer is directed to call a person to make the payments. An example of such a letter is attached.
• The callers will at times “spoof” an Ocwen phone number so that it appears that the person calling the consumer is calling from an Ocwen phone number often in the area code “214.”
• The United States Postal Inspection Service is working with Ocwen to investigate this matter as mail fraud.
• If consumers have questions about their home loan, they can contact the real Ocwen at 800-746-2936.
• Further, consumers who suspect they have been harmed by this scam, have received a suspicious mailing, or have any questions can contact Assistant Attorney General David C. Kramer at 505-222-9100 or 505-222-9134 for assistance.
Attorney General Balderas is committed to protecting consumers from deceptive or unfair business practices, and to helping homeowners avoid foreclosure. The Office of the Attorney General sponsors the “Keep Your Home New Mexico” program to help consumers avoid foreclosures and save their homes. Homeowners can call a statewide hotline for free housing counseling and other information. That number is 855-664-6630 or consumers can visit www.keepyourhomenewmexico.org.
Example of the scam letter
FID Hires New Legal Counsel
Kevin A. Graham joined the Financial Institutions Division of the New Mexico Regulation and Licensing Department as legal counsel for FID in October, 2015. In the summer of 2015 Kevin marked his 20th year as a licensed, practicing attorney. After receiving his undergraduate degree in Political Science at Kansas State University in 1992, Kevin obtained his law degree from the Washburn University School of Law in 1995. He began his legal career in the field of employment law, then served as general counsel for a small State agency in Kansas before moving to the Kansas Attorney General’s Office as a prosecutor in the Criminal Division in 2000. In 2009 Kevin moved to New Mexico, along with his wife, Peggy, and three children, Katie, Emily and Joey. He continued his career as a prosecutor in the Sandoval County office of the 13th Judicial District Attorney, then transferred to the New Mexico Attorney General’s Office, Special Prosecutions Division, in 2013. In early 2015 Kevin joined the multi-state, private law firm of McCarthy & Holthus, LLP, focusing on civil litigation in the mortgage foreclosure arena. While private practice proved to be fast-paced and interesting employment, from the start Kevin felt a strong and constant pull to return to public service and to be involved in work he truly believed in. When offered the opportunity to join the hard-working, professional and dedicated staff of FID, Kevin was ready and excited to join the team.
CYBERSECURITY BEST PRACTICES FOR CONSUMERS
- National Cyber Security Awareness Month (NCSAM) is celebrated every October as a collaborative effort between government and industry to ensure every American has the resources they need to stay safer and more secure online.
- Click here for tips to help protect consumers against cybercrime.
MEDIA RELEASE: FID RECEIVES CERTIFICATE OF MORTGAGE ACCREDITATION
On June 24, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced that the New Mexico Financial Institutions Division has received a certificate of accreditation for mortgage supervision. This accreditation demonstrates the Division's commitment to superior supervision of the residential mortgage industry in the state of New Mexico.
Conference of State Bank Supervisors (CSBS) Media Release
REGULATORY ALERT: HOME LOAN PROTECTION ACT
- Click here for regulatory guidance regarding the Home Loan Protection Act 58-21A-4(N)(7).
REGULATORY ALERT: ESCROW COMPANY REGULATIONS
- Proposed amendments to the Escrow Company Regulations 12.25.2 NMAC are available at the link below.
Escrow Company Regulations (Revised 2015)
- A Public Rule Hearing will be held to consider adoption of the amended rules on July 28, 2015 at 10:00am at the Toney Anaya Building, located at 2550 Cerrillos Road in Santa Fe, NM. Please click the link below for additional information.
Notice of Public Rule Hearing
REGULATORY ALERT: ESCROW COMPANY ACT
- Click on the link below for a summary of amendments passed during the 2015 Legislative Session to the Escrow Company Act, NMSA 1978, Sections 58-22-1 to -33 (1983, as amended through 2015).
- Click on the link below to review Senate Bill 412 in its entirety, containing the full text of the amendments to the Escrow Company Act.
FID HIRES NEW BANK INDUSTRY MANAGER
Ms. Rebecca S. Moore, a native New Mexican, has been chosen as New Mexico State Financial Institution Division’s new Bank Industry Manager. She graduated, with honors, from New Mexico State University with a Bachelor’s of Business Administration and from Eastern New Mexico University with a Master’s of Business Administration. In addition, she graduated from Southwest Graduate Banking School (SWGSB), located in Dallas at Southern Methodist University.
Ms. Moore began her career with the state as a Financial Bank Examiner and has spent almost two decades as a community banker right here in New Mexico. During her career, she has worked for three community banks with branch locations in a total of 12 communities from as far south as Carlsbad, Deming and Las Cruces to as far north as Tierra Amarilla. Her varied experience includes operations, compliance, trust, internal audit, loan review, project management, budget formulation and strategic planning. In addition, she served as a liaison between the bank, auditors and regulators. Ms. Moore stated “I am excited to begin my new role with the FID and look forward to being a resource for, and developing relationships with, all of our state banks and trust companies.”