Florida Regulator Tom Grady Departs
The Florida Office of Financial Regulation is looking for a new commissioner after Tom Grady, a former Naples legislator, resigned after only seven months to take a job this week as interim president of a state-run insurer, Citizens Property Insurance Corp...
The League of Southeastern Credit Unions in an email bulletin forecast Grady’s interim successor at the regulatory agency would be named next Tuesday.
“The league has a good working relationship with OFR,” said Patrick LaPine, president/CEO. “With Tom Grady just coming on board in August, we had one brief introductory meeting with him and we intend to reach out to the governor’s office to assist them in their search for a new commissioner.”
Florida media outlets suggested Grady, an attorney and former vice chairman of the Florida House Insurance Business Committee, took the job as part of a cost-cutting move by Gov. Rick Scott to reduce insurance costs and exposure while shrinking Citizens Property, which insures nearly one in four Floridians.
Grady told the Miami Herald he greatly enjoyed working with the OFR” but wanted now to
to serve in a different capacity in another area of financial services, one where stability and rationality are necessary conditions to a sustained economic recovery.”
The ex-lawmaker, said the Herald, had been an active supporter three years ago during the mortgage meltdown of a controversial bill to allow banks to foreclose on homes without going to court, a move that homeowner activists decried. That bill eventually died.