Florida Office of Financial Regulation OFR (5%)
Florida Office of Financial Regulation OFR (5%)
Terms in this set (23)
The Florida Office of Financial Regulation (OFR or the Office) oversees:
• All financial institutions in the state of Florida.
•Created by section 20.121(3), Florida Statutes.
The mission of the Office is:
"Protecting the citizens of Florida by carrying out the banking, securities and financial laws of the state efficiently and effectively and providing regulation of business that promotes the sound growth and development of Florida's economy."
The OFR is responsible for:
• Conducting Financial Investigations of violations and illegal activities
• Processing amendments and renewals for MLO licenses
• Reviewing mortgage license applications
The Office (The Florida Office of Financial Regulation) may conduct an investigation of any person whenever
The Office has reason to believe that a violation of the law has been committed or is about to be committed.
The Office may, at intermittent periods, conduct examinations of ...
• Any licensee or other person under the provisions of the statutes.
• All examinations must be conducted at a convenient location in Florida. However, if the Office determines that it is more effective or cost-efficient to perform an examination at the licensee's out-of-state location, it may do so.
For most examinations, if it is performed at the licensee's out-of-state location, the licensee must pay:
• Travel expenses
• Per diem at the rate provided by law for up to 30 eight-hour days, per year, for each Office examiner who participates in an examination
However, if the examination involves or reveals fraudulent conduct by the licensee
They must pay the travel expense and per diem subsistence provided by law, without limitation, for each participating examiner.
The Commissioner of the Florida Office of Financial Regulations is appointed by
The Financial Services Commission (including the Governor and Cabinet Members)
The Financial Services Commission (the Commission)
**Is the agency head of the Office and is the rulemaking body.
The Commission is comprised of:**
• the Governor
• the Chief Financial Officer
• the Attorney General
• the Agriculture Commissioner
The Financial Services Commission appoints the Director of the OFR, who is the:
The agency head for purposes of final agency action and for all areas delegated to the Director's office. The Director, sometimes called "Commissioner," supervises, directs, coordinates, and administers all activities of the OFR.
The Director is responsible for:
•Monitoring, supervising, coordinating, administering, and directing all activities of the OFR.
•The Director ensures that the OFR's mission and objectives are being met.
The Office of the Director includes:
•the Chief of Staff
•the Office of Legal Services
•the Inspector General
•the Director of Legislative and Cabinet Affairs
•the Planning and Budget Administrator
•the Director of Communications
The Office of Inspector General:
Provides the agency with a central point for coordination of and responsibility for activities that promote accountability, integrity, and efficiency in government. The Inspector General serves as the chief internal auditor and directs the agency's internal audit program and conducts internal investigations.
The Office of General Counsel:
Provides legal support of the OFR's daily operations and represents the OFR in all administrative and judicial proceedings in administrative forums and courts.
The Director of Legislative and Cabinet Affairs:
Oversees the agency's legislative activities, including advancing its legislative initiatives, responding to requests for bill analyses, and assisting legislators with constituent issues.
The Planning and Budget Administrator:
Oversees the agency budget, including coordination of the preparation of the annual Legislative Budget Request. They administrator also monitors the agency's progress during the year related to operating expenditures and performance measurement.
The Communications Director:
Responsible for all media relations, internal communications, community relations and outreach.
The Director of the OFR has a....
Reporting to the COS are the Communications Director and OFR's three divisions and an independent bureau. They are:
• the Division of Finance
• the Division of Securities
• the Division of Financial Institutions
• the Bureau of Financial Investigations
The Division of Finance (the Division)
• Oversees the regulation and conducts examinations of non-depository financial services professionals including mortgage loan originators, mortgage brokers, and mortgage lenders.
• Pprocess complaints dealing w/ debt collection companies
The Division of Financial Institutions is the sector of the Office that
Regulates state-chartered financial institutions, including state-chartered commercial banks, credit unions, savings associations, savings banks, credit card banks, non-deposit trust companies, and state-licensed international banking agencies
The Bureau of Financial Investigations, which is a criminal justice responsible for:
Conducting financial investigations of illegal activites within OFR jurisdiction
The Bureau of Finance Regulations
Conducts examinations of the books and records of mortgage brokers, mortgage brokerage business, and mortgage lenders to ensure compliance with the appropriate rules and statues