Michigan’s chief regulator of financial institutions is stepping down Friday from the job he’s held for three years.
Kenneth Ross, a former vice president of regulatory and legal affairs for the Michigan Credit Union League and an assistant state attorney general, was appointed commissioner of the Office of Financial and Insurance Regulation by Democratic Gov. Jennifer Granholm in February 2008.
Ross was hailed as the first person with a credit union background appointed to that position.
A spokesman for the division said a replacement for Ross by the state’s new Republican governor, Rick Snyder, has not been made public.
“Ken will make his own future plans known at a later time,” the spokesman added.
A press announcement noted that Ross had continued as commissioner under Snyder since the November elections.
“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 in the announcement. “We wish him well as he moves forward in his professional life and appreciate his service to the State of Michigan.”
Ross said despite “the many challenges that we faced during this economic downturn, Michigan’s financial service industry remained fundamentally stable, strong and well-regulated.” He credited the OFIR examiner staff.
The statement noted that 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 and he oversaw the passage of the re-codified Michigan Uniform Securities Act that 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 and initiating a variety of innovative consumer education and protection” steps, the statement said.
MCUL President/CEO David Adams said of Ross, “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."