FLORIDA OFFICE OF FINANCIAL REGULATION

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FLORIDA OFFICE OF FINANCIAL REGULATION
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Dual Banking System

• Allows financial institutions to elect to be
  chartered and regulated by individual states or
  the federal government
• Provides important regulatory checks and
  balances
• Promotes innovation
• Allows financial institutions to choose their
  controlling body of law
• Ensures federal and state financial institution
  systems serve as whetstones for one another
  challenging each other to constantly improve
• All states are a part of the dual banking system

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Regulatory Cooperative Agreements

• Florida has signed confidentiality, sharing,
  and examination agreements with FRB, FDIC, NCUA,
  the other states and most recently FinCEN and
  IRS for money service businesses.
• Federal and state agencies accept Floridas
  reports as their own to meet legal compliance
  and vice versa on an alternating basis.
• NCUA accepts Floridas reports as legal
  compliance and only examines state credit unions
  that pose increased risk to the insurance fund.

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REGULATORY CHOICESInstitution type
Chartering authority Other federal regulator
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• NUMBER OF BANKS IN FLORIDA

Florida ranks 8th in number of banks nationwide
As of June 30, 1998
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• ASSETS - STATE AND NATIONAL BANKS

As of June 30, 1998
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NUMBER OF NEW BANKS IN FLORIDA
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OF THE 113 NEW BANKS CHARTERED IN THE UNITED
STATES IN 2004, 95 (84) WERE STATE CHARTERED! OF
THE 14 NEW BANKS THAT OPENED IN FLORIDA IN 2004,
100 WERE STATE CHARTERED!
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The United States has the strongest and most
innovative banking system in the world, in large
part because banks have the choice of being
regulated by the state or federal government.
This choice creates a healthy dynamic tension
among regulators, resulting in a wider range of
products and services available to consumers,
lower regulatory costs, and more effective, more
responsive supervision. American Bankers
Insurance Association
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Linda Townsend, Chief Bureau of Bank
RegulationDivision of Financial
InstitutionsOffice of Financial RegulationState
of Florida

• [phone]
• linda.townsend_at_fldfs.com
• July 26, 2005