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On March 29, the Ohio Department of Commerce announced Kevin R. Allard as the new Superintendent of the Division of Financial Institutions (the “Division”) effective immediately. Allard took over as Interim Superintendent this past December after the sudden resignation of Charles Dolezal, who had held the position for six years.

Allard brings a wealth of knowledge and experience to the position. He began his regulatory career as a field examiner in the former Division of Savings and Loan Associations in 1986, and within four years he became the chief examiner. He continued working in state financial regulation and began serving as the Division’s Deputy Superintendent for Banks and Savings Institutions in 2011. Altogether, Allard has been part of the supervision and regulation of state-chartered financial institutions for more than 30 years. Additionally, Allard is part of the State Liaison Committee on the Federal Financial Institution Examination Council Task Force on Supervision and the Board of Trustees for the American Council of State Savings Supervisors.

The Importance of the Division of Financial Institutions

The Division provides a crucial function in Ohio, protecting businesses and citizens for unlawful financial institutions and unethical financial practices. The Division licenses, regulates, and examines all state-chartered financial institutions, including banks, credit unions, trust companies, check cashing services, mortgage brokers, short-term lenders, and other consumer finance businesses. There are hundreds of these institutions throughout Ohio. The Division’s duties include oversight of all financial institution openings, closings, consolidations, relocations, name changes, liquidations, mergers, and other actions.

Are You Facing Disciplinary Action by the Division?

In addition to the Division’s oversight functions, it can also bring disciplinary actions against state-chartered financial institutions if there are allegations of unlawful actions or noncompliance with state or federal law. These actions could result in fines or the revocation of the business’s license to operate. If you are an owner or officer of a financial institution and you are under investigation by the Division, contact an Ohio professional license defense attorney immediately. By working with an experienced license defense lawyer right away, you ensure there are no miscommunications during an investigation and that your rights are protected at all times. You may even be able to clear up any issues and avoid disciplinary actions entirely. If a disciplinary action is forthcoming, a professional license defense lawyer can help you negotiate with the Division to avoid the full administrative hearing process.

Contact Graff & McGovern Right Away

You and your business should not lose the ability to operate in Ohio over a miscommunication, innocent mistake, or false allegations. By working with the Ohio professional license defense attorneys of Graff & McGovern, you have the help you need in navigating complex regulatory law and the Division’s administrative process. We have attorneys certified as Administrative Agency Law Specialists by the Ohio State Bar Association. There are only give others with this certification in Ohio.

To learn more about how we can help you, contact Graff & McGovern by calling 614-228-5800 or use our online form to schedule an initial consultation.