Governor Martin O'Malley Congratulates Sarah Bloom Raskin on Confirmation to Federal Reserve Board, Announces Nomination for Commissioner of Financial Regulation


ANNAPOLIS, MD (September 30, 2010) – Governor Martin O’Malley today congratulated Sarah Bloom Raskin, Maryland Commissioner of Financial Regulation, on her confirmation by the U.S. Senate for a seat on the Federal Reserve Board of Governors.  By law, Commissioner Raskin resigned her position with the State today, effective October 1, to begin her new duties at the Federal Reserve.
“I want to congratulate Sarah on this appointment, and wish her well at the Federal Reserve.  This presidential appointment is further evidence that in Maryland, we remain at the forefront of financial oversight and consumer protection,” said Governor O’Malley. “Since April, when President Obama announced his nomination of Sarah to the Federal Reserve, we have prepared for her departure and for a smooth transition within that office.  I’m pleased today to nominate Mark Kaufman, Deputy Commissioner of Financial Regulation, to succeed Mrs. Raskin as Commissioner.”

“Mark is a top notch mind on banking, mortgage finance and related regulatory issues, with many years of experience in the private sector and in public policy,” Secretary Sanchez said. “He and Sarah have demonstrated extraordinary leadership of the Office of the Commissioner. We’re delighted that the Governor has recognized the Office’s achievements and look forward to a seamless transition.”

During her three years at DLLR, Commissioner Raskin led the implementation of the O’Malley-Brown Administration’s foreclosure prevention reforms that have been recognized as among the most innovative in the nation. She has made Maryland a leader in combating foreclosure rescue scams and other forms of mortgage fraud, serving as a key member of the Maryland Mortgage Fraud Task Force, which has obtained more than 250 criminal convictions. In the most recent General Assembly session, Commissioner Raskin played a major role in ensuring the passage of legislation to reinforce Maryland’s prohibitions on payday lending.

Mark Kaufman was appointed Deputy Commissioner of Financial Regulation in April 2008. He previously served as a Managing Director in Investment Banking with CIBC World Markets in Baltimore and co-head of the firm's Business Services practice. In addition, he was a member of the Investment Banking division of Alex Brown & Sons / Deutsche Bank from 1995 to 2002, as well as an Associate in the Treasury at JP Morgan. Kaufman also served on the staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs from 1992 to 1994.  In that capacity, he advised on capital markets and bank regulation, mortgage finance and urban development issues, including managing Committee hearings and legislative drafting of the Homeownership and Equity Protection Act of 1994, the principal federal legislation currently in place aimed at predatory mortgage lending. He holds a MBA in finance and accounting and an MPA in Urban Development from Columbia University, where he was a Jacob Javits Fellow.

The Office of the Commissioner of Financial Regulation is the primary regulator for financial institutions chartered in Maryland, including State-chartered banks, credit unions, and trust companies; and State-licensed financial entities including 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 Office provides assistance to consumers by investigating complaints of questionable business practices involving the financial institutions under its supervision and in related financial institutions.

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