Banking in Florida is a dual system—it’s governed by both state and federal law. Understanding who regulates your bank (state-chartered vs. national banks) can help you know who to call if you run into an issue. It can be complicated, but here is the gist of it.
The main state authority is the **Florida Office of Financial Regulation (OFR)**. If a bank or credit union has a **state charter** (meaning it was set up under Florida law), the OFR is their primary state regulator.
The OFR handles state licensing, examines state banks' safety and soundness, and investigates consumer complaints related to Florida law violations. They are the first stop for issues with mortgage lenders, payday loans, and other financial services operating locally.
Most big banks are **nationally chartered**. These are overseen by federal agencies, though they still must abide by Florida state laws. Key federal regulators include the:
For major issues like discrimination or unfair lending, the **Consumer Financial Protection Bureau (CFPB)** is the federal body that investigates abuses across the entire country, including Florida.
Florida has specific consumer laws. For example, Florida's **usury law** limits the maximum interest rate that can be charged on loans. If a lender charges over 18% interest per year, that is generally considered civil usury, and over 45% is criminal usury. This is crucial for protecting people from high-interest lenders.
Another key piece of legislation is the **Community Reinvestment Act (CRA)**. While this is federal, Florida banks are regularly reviewed under the CRA to ensure they meet the credit needs of the communities they serve, including low- and moderate-income areas. Checking CRA ratings is a great way to see if your bank is committed to local investment.