Florida Credit Union League

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Florida Credit Union League Governmental Affairs
Committee Presentation By Linda B.
Charity Deputy Director Office of Financial
Regulation
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OFFICE OF FINANCIAL REGULATION
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Mission

• The Office of Financial Regulation is dedicated
  to safeguarding the private financial interests
  of the public by licensing, chartering, examining
  and regulating financial institutions and
  financial service companies in the State of
  Florida. The Office strives to protect consumers
  from illegal activities of financial institutions
  and financial service companies, while preserving
  the integrity of Floridas markets and financial
  service industries.

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Office Overview

• Don Saxon, Director
• Alex Hager, Assistant Director
• Linda Charity, Deputy Director, Financial
  Institutions
• Rick White, Deputy Director, Securities Finance
  Regulation
• Rob Beitler, General Counsel
• Bob Rosenau, Chief, Financial Investigations
• Bob Dyar, Inspector General
• Kathleen Kight, Research Planning Administrator

• 9 Offices
• Pensacola
• Jacksonville
• Orlando
• Tampa
• West Palm Beach
• Fort Lauderdale
• Fort Myers
• Miami
• Tallahassee

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Resources

• Budget 27.6 million
• Financial Institutions - 7.8 million
• Securities/Finance - 13.9 million
• Investigations - 3.2 million
• Admin. Support
• 2.7 million

• 393 FTEs
• 115
• 187
• 52
• 39

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Responsibilities

• Regulation of
• Depository nondeposit financial institutions
  financial service companies
• Securities firms, branches, agents and offerings
• Investigation of alleged violations of banking,
  securities, and finance statutes

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Financial Institution Regulation

• Enforces Financial Institutions Codes
• Bureau of Bank Regulation, District I
  (North)examines supervises state-chartered
  banks to ensure they operate in a safe and sound
  manner
• Bureau of Bank Regulation, District II (South)
  as District I plus foreign banking organizations
  nondeposit trust companies
• Bureau of Credit Unions examines supervises
  state-chartered credit unions

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Financial Institution Regulation

• Mission
• Provide for and promote public confidence in
  state financial institutions
• Protect the interests of the public in proper
  conduct of state financial institutions

• Number of Institutions
• 105 Credit Unions
• 193 Banks
• 49 Foreign Banks
• 16 Trust Companies
• Total Assets
• 74.3 Billion as of June 30, 2003

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Securities Finance

• Bureau of Securities Regulation protect
  investing public from investment securities
  fraud while facilitating capital formation in the
  State
• Bureau of Finance Regulation - regulate
  non-depository financial service companies
  related industries protect consumers from
  illegal financial activities
• Bureau of Regulatory Review - review all
  applications to conduct business as a financial
  service company or securities firm review
  license applications for individuals and impose
  licensing restrictions or deny licensure based on
  findings

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Securities Finance

• Number of Regulated Entities
• 210,000 securities agents, 5,800 firms 8,100
  branches
• 37,000 mortgage brokers, lenders businesses
• 26,000 money transmitters
• 900 deferred presentment providers

• Additional regulatory responsibility
• Home improvement sellers
• Consumer finance companies
• Collection agencies
• Motor vehicle lenders
• Sales finance companies
• Totaling over 21,000 active licensees

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Financial Investigations

• Established as a Criminal Justice Agency to
• Conduct financial investigations
• Take sworn testimony
• Prepare, present and assist in case prosecution

• Types of investigations
• Banking
• Finance
• Money Transmitter
• Mortgages
• Securities
• Currently, 494 open investigations

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Office of General Counsel

• Office has civil and administrative authority
• Provide legal advice and counsel on regulatory
  matters
• Defend challenges to regulatory decisions
• Litigate cases of violations of banking,
  securities and finance statutes
• Provide interpretive opinions related to
  statutory and rule authority, including legal
  opinions and declaratory statements
• Draft and promulgate administrative rules and
  litigate rule challenges
• Draft final orders

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SELECTEDCREDIT UNIONDATA
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NUMBER OF STATE CREDIT UNIONS
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STATE CREDIT UNION ASSETS (Billions of Dollars)
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CONVERSION APPLICATIONS
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Contact Information

• Don B. Saxon
• Director
• [phone]
• Donald_B_Saxon_at_dfs.state.fl.us
• Alex Hager
• Assistant Director
• [phone]
• Owen_A_Hager_at_dfs.state.fl.us

• Linda B. Charity
• Deputy Director
• [phone]
• Linda_B_Charity_at_dfs.state.fl.us
• Bureau of Credit Unions
• Sharon B. Whiddon, Bureau Chief
• [phone]
• Sharon_B_Whiddon_at_dfs.state.fl.us