Florida Office of Financial Regulation

Florida Office of Financial Regulation

presentation to the

Financial Services Commission

April 14, 2015

Smart, Efficient and Effective Regulation

1

OFR Mission Statement

"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."

? State-chartered banks, credit unions, trust companies, international bank agencies

? Mortgage lending and brokering, consumer finance companies

? Money services businesses, collection agencies, retail installment sellers and payday lenders

? Securities industry participants

2

Florida & the Nation

Consumer Finance: Mortgage Licenses

California:

Florida:

Texas: Washington: Pennsylvania:

47,423

22,196

17,852 14,111 13,783

Securities: Licensed Stockbrokers, Dealers, Branches and Investment Advisers

California: Texas:

Florida:

New York: New Jersey:

360,081 326,040

321,037

275,684 228,720

Financial Institutions: State-Chartered Banks & Credit Unions

Texas:

482

California:

293

Massachusetts: 201

Florida:

195

New York:

117

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Vision

? Creating "One OFR" ? Smart, Efficient and Effective Regulation ? Increasing Outreach

? Communications ? Building Relationships

? Enhancing Taxpayer Value ? Expanding Data Collection and Analysis ? Making Data-Driven Decisions

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Taxpayer Value Expectations

"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."

? Protect citizens: Florida taxpayers expect to be protected from financial crimes

? Promote a safe and sound financial marketplace: Florida taxpayers expect to do business in a safeguarded financial marketplace with a variety of choices

? Contribute to the growth of Florida's economy with smart, efficient and effective regulation: Florida taxpayers and businesses expect to be free of burdensome regulation

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Performance Measure Focus Area: Division of Securities: Improving Communication with Applicants

Division of Securities

Fiscal Year

Reduce Days to Issue Deficiency Letters

FY 11/12 FY 12/13 FY 13/14

Baseline

Total Number of Deficiency Letters Average Days to Issue Deficiency Letter Issuer Dealer Licenses:

4,019 16 13

3,556 13 18

4,029 8 9

Average Days to Issue Deficiency Letter

Investment Adviser Licenses:

16

7

11

Average Days to Issue Deficiency Letter

FYTD 14/15 1,857

8 14

11

FY 15/16 Goal -8 12

10

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