Michigan's new Republican governor, Rick Snyder, began recruiting last week for a new top credit union regulator after the incumbent, Ken Ross, commissioner of the Office of Financial Insurance and Regulation, resigned.
Ross, a former vice president of regulatory and legal affairs for the Michigan Credit Union League and an assistant state attorney general, had held the commissioner's job since February 2008 appointed by former Gov. Jennifer Granholm. Ross's resignation was effective April 15. He is leaving before the end of his four-year term.
A press announcement praising Ross noted that he had continued in the regulatory under Snyder since the November elections.
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"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," said Gov. Snyder. "We wish him well as he moves forward in his professional life and appreciate his service to the State of Michigan."
A department spokesman said Ross, who had moved up from deputy commissioner, "will make his own future plans known at a later time."
In his statement Ross said that despite challenges faced by the division "during this economic downturn, Michigan's financial service industry remained fundamentally stable, strong and well-regulated."
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, said the release.
David Adams, president/CEO of the league, in a statement also praised Ross, noting, "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."
"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," said Adams.
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