Office of Financial
Regulation
Alisa Goldberg
Chief, Bureau of Registration
Division of Securities
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History
• The Office of Financial Regulation (OFR)
was created in 203 by section 20.121(3),
Florida Statutes, from Cabinet
reorganization legislation.
• The OFR is preceded by the former
Comptroller’s Office dating to the mid1800s.
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Mission
To protect the citizens of Florida, promote a
safe and sound financial marketplace, and
contribute to the growth of Florida’s
economy with smart, efficient and effective
regulation of the financial services industry.
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Leadership
• The OFR reports to the Financial Services
Commission, which is comprised of
Florida’s Cabinet.
• Headed by a commissioner appointed by
the Commission.
• Commission has final rule approval, but all
regulatory decisions are vested with the
OFR.
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Budget
• The OFR is self-supporting
– Operating revenues come from the
businesses and individuals it regulates
• Total Budget - $38.5 million
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Employees
• Full-Time Employees: 362
– Division of Financial Institutions: 114
– Division of Consumer Finance: 97
– Division of Securities: 96
– Bureau of Financial Investigations: 39
– Executive Direction: 16
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Locations
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Organization
• Three divisions and one bureau
• Programs oversee and regulate a wide
range of financial enterprises and
individuals
– State-chartered banks, credit unions
– Securities industry participants
– Mortgage loan originators, consumer finance
companies, money transmitters, foreign
currency exchangers, payday lenders
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Division of Financial
Institutions
• Licenses, examines and regulates statechartered financial institutions
• Ensures private funds deposited in
Florida’s state-chartered financial
institutions are protected from potential
loss due to failure or insolvency
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Charters
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Advantages of
State Charter
• Lower cost
• Local knowledge of Florida markets
• More responsive to changes in local
economies
• Direct access to regulators
• Ability to evaluate local conditions and
needs without having to transfer
responsibility to other authorities
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Division of
Consumer Finance
• Licenses and regulates non-depository
financial service industries and individuals
– Collection Agencies
– Consumer Finance
– Loan Originators, Mortgage Brokers and
Lenders
– Money Services Businesses
• Check cashers, money transmitters, payday
lenders, foreign currency exchangers
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Division of
Consumer Finance
– Retail Installment Sales
• Motor vehicle retail installment sellers, retail
installment sellers, sales finance companies, home
improvement finance sellers
– Title Loan Lenders
• Conducts examinations and complaint
investigations of licensed entities
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Licensees
• Mortgage Loan Brokering, Origination &
Servicing
– 1,939 Companies; 1,628 Branches; 17,693
Individuals
• Collection Agencies
– 1,527 Consumer Collectors; 174 Commercial
Collectors
• Consumer Finance Companies
– 142 Companies at 349 Locations
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Licensees
• Retail Installment Sales
– 5,654 Companies; 1,727 Branches
• Money Services Businesses
– 1,114 Companies with an additional 56,238
Authorized Locations and Branches
• Title Loan Lending
– 2 Companies
• Total – 91,000
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Bureau of
Financial Investigations
• Criminal justice arm of the agency
– Conducts complex investigations of the
financial services industry
– Participates in joint investigations with local,
state and federal law enforcement agencies
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Statistics
• Formal Investigations Closed: 91
• Investigations Resulting in Enforcement
Actions: 30
– Criminal: 22, Civil: 1; Administrative: 13
• Imprisonment Results
– 27 total defendants convicted; 24 received
prison terms
– 144.6 year of prison; 128 years of probation
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Division of Securities
• Regulates the sale of securities and
investment advice in, to or from Florida by
firms (securities dealers, issuer dealers
and investment advisers), branch offices
and individuals affiliated with the firms to
determine compliance with Florida law
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Structure
• Bureau of Registration
– Processes and evaluates applications for
firms and individuals seeking registration to
conduct business in, to or from Florida
• Bureau of Enforcement
– Conducts examinations of registered
securities dealers, investment advisers,
branch offices and associated persons to
determine compliance
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Registrants
•
•
•
•
•
Securities Dealers: 2,789
Investment Advisers: 5,182
Branches: 10,373
Agents: 296,271
Total: 314,615
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Registrants
• What’s the difference in Dealers,
Investment Advisers and Agents?
– Dealers offer and sell securities
– Advisers provide advice regarding securities
for a fee
– Agents act on behalf of, and under the
supervision of, dealers and investment
advisers
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Registration Review
• Analysts closely review firm and agent
applications to ensure that unqualified
firms and individuals are not allowed to
conduct business in, to or from Florida
• How does registration help the industry?
– Provides an extra level of review in the hiring
process
– Protects the reputation of the industry
– Keeps unqualified firms and agents out
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Examination Oversight
• Examiners conduct examinations of and
investigate customer complaints against
registered entities
• How do examinations help the industry?
– Ensure compliance by individuals and firms
– Serve as a source of compliance information
– Enhance consumer confidence in the industry
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Contact Information
850-410-9593
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