State RegulationsFL specificDifficulty 1/5
Which of the following is an agency action the Office of Financial Regulation may take against a state-chartered bank?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under Florida's financial services laws, the Office of Financial Regulation may issue cease-and-desist orders, impose fines, and suspend or revoke the charters and licenses of the financial institutions it supervises, including state-chartered banks. These enforcement orders stop unlawful practices pending further administrative action.
Why the other options are wrong
- A) The OFR supervises safety and soundness and compliance; it does not dictate each bank's customer deposit rates.
- B) Bank directors are chosen by the institution's shareholders, not appointed by the regulator.
- D) Insurance agent licensing is handled by the Department of Financial Services, not by the OFR.
Memory hook
OFR's enforcement staple is the cease-and-desist order.