Florida Credit Unions Meet with the Office of Financial Regulation

Last week, Florida credit unions met with the Office of Financial Regulation (OFR) for an in-depth conversation on updates to the state charter and a variety of issues ahead of the upcoming legislative session. The group included a cross-section of credit union executives, the Commissioner of the Office of Financial Regulation, the Director of the Division of Financial Institutions, and the Chief of the Bureau of Credit Union Regulation.

During the meeting, OFR and Florida credit unions discussed possible field of membership changes, membership meeting updates, and improvements to credit union investment powers. Additionally, the group touched on ways to encourage de novo credit union formation, ways to fight fraud, earned wage access, and state-wide exam trends. OFR provided an update on how it’s working with the National Credit Union Association (NCUA) given the Administration’s reduction in force across the U.S. and OFR’s push for continued collaboration. The League and OFR also established plans to work together on town halls this coming Fall for credit unions in north Florida. Details, including locations, for the town halls will be announced soon.

The League thanks both our members and the OFR for taking time to discuss vital issues in a transparent manner.