State RegulationsFL specificDifficulty 1/5
Which Florida office regulates state-chartered banks, consumer finance companies, and the securities industry?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
The Office of Financial Regulation (OFR) regulates Florida's financial institutions other than insurers: state-chartered banks, credit unions, consumer finance lenders, and the securities industry, including securities dealers and broker-dealers. The OFR operates under the Financial Services Commission and is headed by a commissioner appointed by that Commission, keeping it separate from insurance regulation.
Why the other options are wrong
- A) The Office of Insurance Regulation supervises insurance companies, their rates, forms, and solvency, not banks or securities firms.
- B) The Division of Consumer Services handles consumer inquiries and complaints about insurance, not the chartering or regulation of banks.
- C) The Division of Insurance Fraud investigates suspected insurance fraud, not banking or securities regulation.
Memory hook
OFR = banks and securities; OIR = insurance.