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News Now

CU System
Florida banking commissioner resigns
TALLAHASSEE, Fla. (3/16/12)--For the second time in seven months, the Florida Office of Financial Regulation (OFR) will be getting a new commissioner. Tom Grady told OFR March 6 he has resigned to become interim president of Citizens Property Insurance Corp.

Grady started his new job Monday. Citizens Property insures nearly one in four Floridians. The company saw a 27% surge in consumer complaints in 2011 when it reduced coverage for policyholders and raised rates (South Florida Sun-Sentinel March 6).

"The league has a good working relationship with OFR," Patrick La Pine, president/CEO of the League of Southeastern Credit Unions (LSCU), told News Now. "With Tom Grady just coming on board in August, we had one brief introductory meeting with him. We intend to reach out to [staff at] the governor's office in hopes we can assist them in their search for a new commissioner."

An interim director is expected to be announced Tuesday, LSCU added.

The Florida OFR has three divisions and one bureau. Among its duties, OFR regulates credit unions and banks.


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