New Position Will Work with Borrowers to Ensure Fair, Transparent, and Equitable Lending
BALTIMORE (Oct. 10, 2018) – Antonio P. Salazar, commissioner of financial regulation for the Maryland Department of Labor, Licensing and Regulation, today announced Mr. Sean J. McEvoy will take the role of Maryland’s first student loan ombudsman. The position, established by the Financial Consumer Protection Act of 2018, monitors student loan servicing activity in Maryland, and liaises between student loan borrowers and servicers to resolve or refer complaints for resolution, civil enforcement, or criminal prosecution.
Mr. McEvoy brings more than 26 years of experience in private and public sector finance, business and economic development, and marketing and customer service. He will assume the responsibilities of the ombudsman, in addition to his current position as the assistant commissioner of public policy and consumer services within the Office of the Commissioner of Financial Regulation.
“Mr. McEvoy’s extensive business experience and financial knowledge are tremendous assets to the division of financial regulation, and to the position of student loan ombudsman,” said Commissioner Salazar. “This important role will not only impact borrowers on a personal level, but it has the potential to affect loan servicing activity in Maryland through careful recommendations on changes to Maryland law that will help ensure the student loan servicing industry is fair.”
The ombudsman position exists to provide student loan borrowers with a state-level office that can assist with complaints against student loan servicers. Working with the commissioner’s staff, the ombudsman will provide information about student loan processes and work with borrowers and their loan servicers to correct mistakes and facilitate solutions to problems. Additionally, the ombudsman will gather information about the state of student loan servicing in Maryland to inform the public and legislature, and if necessary, make referrals for enforcement actions where warranted.
“I’m honored to be named the first student loan ombudsman for the state of Maryland,” said McEvoy. “Helping Marylanders better manage their student debt and improve their financial condition is important to the Hogan administration, the commissioner’s office, and to me. Through education, mediation, and facilitation, we can help end any unfair and deceptive collection practices in the state.”
Prior to joining the Office of the Commissioner of Financial Regulation, Mr. McEvoy was the director of small business resources at the Maryland Department of Commerce, supporting economic development and job growth by working with small business clients. In that role, he resolved small business concerns and connected small businesses to beneficial state, federal, and local small business and financial resources.
Mr. McEvoy holds an MBA in finance from the Robert H. Smith School of Business at the University of Maryland College Park, and a bachelor’s degree in commerce from the National University of Ireland-Galway.
Learn more about the ombudsman’s responsibilities and to access important resources.