REGULATING AGENCY: Florida Office of Financial Regulation; Bureau of Credit Unions
- Russell Weigel, Commissioner
- Jeremy Smith Director, Division of Financial Institutions
- Website: flofr.gov/sitePages/DivisionOfFinancialInstitutions.htm
LEAGUE: League of Southeastern Credit Unions & Affiliates, Florida Credit Union Association (FCUA)
- Patrick La Pine, Chief Executive Officer
- Jared Ross, President
- Website: lscu.coop
STATS: (As of Dec 2020)
- TOTAL # SCUs: 61
- TOTAL # FCUs: 67
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 52% of 128 FL CUs
- TOTAL $ SCU ASSETS: $63,432,864,876
- TOTAL $ FCU ASSETS: $23,156,893,858
- TOTAL ASSETS: $86,589,758,734
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 73%
FUN FACT: The United States city with the highest rate of lightning strikes per capita is Clearwater.
MARCH 9, 2021 — Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminded investors to be on the lookout for investment schemes pitched through the internet and social media, particularly those involving precious metals, cryptocurrencies, promissory notes and foreign exchange markets.
Schemes related to these products were identified as the top threats facing investors this year in a survey by the North American Securities Administrators Association (NASAA), of which OFR is a member. The survey includes responses of enforcement officials with state and provincial securities regulators throughout the United States, Canada and Mexico.
The survey found fraudulent internet- or social media-based frauds as the top threat to investors. Ranked second are cryptocurrency-related and precious metals-based investments, especially those purchased through self-directed individual retirement accounts (IRAs), which lack the services and protection of traditional IRAs and can be fertile soil for scammers. Foreign exchange-related schemes rounded out the top three threats. In particular, enforcement officials expect to see a resurgence of high-yield foreign exchange and cryptocurrency-related schemes targeting investors this year disguised as membership or investment programs.
Click on the title to read the full release.
Click here to take a look at the stories that have been collected over the years in Florida.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!