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Financial Institutions Division

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Financial Institutions Division

The primary mission of the Financial Institutions Division (FID) is to license and regulate financial entities within its jurisdiction, to promote a sound financial and economic environment, and to safeguard consumer rights.

  • Safety and soundness are the primary focus in the administration of the acts related to insured depository institutions (banks, credit unions, and savings and loans associations).
  • 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 service businesses).
  • Consumer protection is the underlying purpose of FID, which regulates over 21,000 financial institutions in New Mexico. FID licenses and regulates New Mexico-chartered banks, state-chartered savings & loan associations (aka savings banks), New Mexico-chartered credit unions, New Mexico-certified independent trust companies, mortgage loan companies, small loan companies, motor vehicle sales finance companies, collection agencies, repossessors, money service businesses, escrow companies, and endowed care cemeteries.

To accomplish these goals, FID works closely with the Federal Deposit Insurance Corporation, the Federal Reserve Banks, the National Credit Union Administration, and other federal and state regulatory bodies.

Licensing Requirement Determination Requests

The FID has released regulatory guidance regarding informal licensing requirement determination requests.  Please see the full guidance on the “Department Issued Guidance” portion of our website.

Small Loan Adopted Rule Changes

The FID had a hearing on January 13, 2023, regarding proposed changes to the Small Loan Company rules due to statutory changes as of January 1, 2023.  The rules adopted have been published in the New Mexico Register as of March 14, 2023, available here.  Not included in the proposed rule changed published in December, is a new rule (12.18.11 NMAC) regarding the calculation of the New Mexico-Specific Annual Percentage Rate (“NM-APR”).  This rule was drafted to address the numerous concerns presented before and at the January 13, 2023 hearing.  The FID has also replaced the consumer information language and brochure samples on the “Forms and Applications” section of our website.

Small Loan Annual Reporting

The FID has released the documents and forms related to the required annual reporting of small loans made during calendar year 2022.  Even if you have surrendered your license, you are still required to complete these forms.  The documents and forms can be located on our “Forms and Applications” section of our website.

What We Do

Financial Institutions Division

The Financial Institutions Division (FID) licenses and regulates more than 21,000 financial institutions, branches, and managers. Each type of financial entity has its own specific statutes, rules, and licensing requirements.  These include state-chartered banks, savings and loan associations, and credit unions; as well as independent trust companies; mortgage loan companies and originators; money service businesses; small loan companies; collection agencies and repossessors; escrow companies; motor vehicle sales finance companies; and endowed care cemetery trusts operating in the State of New Mexico.

About Us

Annual Reports

File A Complaint

Financial Literacy & Education

Forms and Applications

Who We Regulate

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