The Office of Financial Regulation is responsible for all activities of the Financial Services Commission relating to the regulation of banks, credit unions, other financial institutions, finance companies, and the securities industry.
Administratively contained within the Office of Financial Regulation is a criminal justice agency known as the Bureau of Financial Investigations. Like Florida’s CFO who has the authority to act as a Process Agent on matters beyond Florida state lines, the Bureau of Financial Investigations when necessary will aid in the enforcement of Florida statutes and conduct investigations within or beyond Florida state lines.
When an investigation uncovers criminal activity or provides a valid reason to suspect a Florida law(s) have been violated, the Office will present its findings to local state or federal law enforcement and thereafter assist prosecutorial agencies by providing additional investigative assistance whenever possible.
Like the Director of Insurance Regulation, the Office of Financial Regulation’s Director is required to possess at least five (5) years of “responsible private sector experience”.
This experience must consist of full-time employment which addresses matters relevant to the regulation of financial and risk management issues. Individuals without regulatory jurisdiction experience may qualify by having at least 5 years of experience as a senior examiner or other senior employee of a state or federal agency.
Once again, qualifying experience must include having some type of regulatory responsibility over financial institutions and or security companies.
Office of Financial Regulation – vs – The Division of Investigative and Forensic Services
The same, but different…
The powers of the Office of Financial Regulation and the Division of Investigative and Forensic Services are NOT mirror images of each-other.
Both entities are tasked with the regulation of Florida statutes and authorized to conduct investigations however, a tremendous difference lies with the authority granted to their investigators.
The Florida Department of Financial Services’ Investigators with the Division of Investigative and Forensic Services ARE LAW ENFORCEMENT OFFICERS with the authority to detain individuals when necessary.