Welcome to the
Financial Institutions Division
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 approximately 16,000 financial institutions and providers 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.
News and Announcements
Scam Alert - Fake "Microfinance" License Using LendingClub's Name
The FID has been alerted of a scam on the Telegram App that uses an expired, altered NM small loan license and asserting to be the LendingClub. This is a scam. Go to the “News and Emergency Information” section of the “About Us” for complete details and a copy of the altered license noting obvious signs of that alteration.
Licensing requirement determination request guidance
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.
Pending Rule Changes for Qualified Entities as Solar Improvement Financing Institutions
The FID has scheduled a hearing for June 2, 2023, regarding a proposed repeal of rules regarding Certification of Qualified Entities as Solar Improvement Financing Institutions (12.16.15.1 – 12.16.15.8 NMAC) pursuant to HB228 of the 2023 Regular Legislative Session. HB228 has been signed into law and will take effect on June 16, 2023. HB228 will repeal the current statutory authority for the rules. The notice of hearing can be located on the “Statutes, Rules, Guidance, Actions, And Hearings” page of our website under the “Pending or Recent Rule Changes” section heading. The FID expects this repeal to be placed in the official notice and become effective on August 15, 2023.
What We Do
Financial Institutions Division
The Financial Institutions Division (FID) licenses and regulates approximately 16,000 financial institutions, branches, managers, and individuals. 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
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Financial Literacy & Education
Forms and Applications
Who We Regulate