OFIR Commissioner Ross Leaves Post (Monitor: April 18, 2011)
OFIR Commissioner Ken Ross announced that he will leave his position effective Friday.
Ross has been OFIR Commissioner since February 2008 when he was appointed by Gov. Jennifer Granholm. He continued to serve during the first four months of Gov. Rick Snyder's administration.
"As Michigan’s first chief regulator of financial institutions with a credit union background, Ken understands the industry, the challenges we've faced in a tough economic climate and the services we provide in the community," MCUL & Affiliates CEO David Adams said. "He has listened to credit union issues and has been a fair regulator for our industry, and we wish him well in his future endeavors."
Prior to working at OFIR, Ross was vice president of regulatory and legal affairs for the MCUL. Ross also served as the OFIR deputy commissioner for policy and the OFIR commissioner’s chief of staff and was an assistant attorney general.
Snyder thanked him for his service.
“For three years, Ken Ross has carried out the functions of the position with integrity and an extensive understanding of the complex issues facing the financial service industry,” Snyder said. “We wish him well as he moves forward in his professional life and appreciate his service to the State of Michigan.”
Since his appointment, Ross worked successfully on a legislative package that protects Michigan consumers from mortgage fraud by requiring the registration of mortgage loan officers. He also oversaw the passage of the re-codified Michigan Uniform Securities Act, provides enhanced penalties against perpetrators of securities fraud. Other significant achievements include taking enforcement actions against a number of high-profile Ponzi schemes, brokering the creation of a Michigan high risk insurance pool, transitioning OFIR to electronic form and insurance producer licensing filings, and initiating a variety of innovative consumer education and protection initiatives.
“Despite the many challenges that we faced during this economic downturn, Michigan’s financial service industry remained fundamentally stable, strong and well-regulated,” Ross said. “In some small part, this stability during a time of extreme stress, was maintained due to the hard work, dedication and professionalism of the OFIR staff, which I have proudly associated myself in my years with the agency.”