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Kentucky Department of Financial Institutions

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Welcome to the Kentucky Department of Financial Institutions Web Site

The Kentucky Department of Financial Institutions (DFI) is the state agency responsible for the supervision of the financial services industry and for chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. In order to accomplish its mission, DFI conducts examinations on state-regulated financial industries through its Division of Depository Institutions, Division of Nondepository Institutions and Division of Securities.

DFI also provides educational materials and outreach to protect consumers from financial fraud. DFI assists the industry and public through the investigation of complaints filed with the office. If you have a question or need to file a complaint, DFI is here to help.

NOTICE:
The Public Protection Cabinet, Department of Financial Institutions is closed Friday, September 3, in observance of a statewide furlough day - a budget balancing measure.  The Public Protection Cabinet, Department of Financial Institutions will also be closed on Monday, September 6, in observance of Labor Day. 

How Can We Help You?

Need help with investments or loans?

Public Resources Channel


 Those DFI regulates can find information about charters, licensing, registration and more in our industry channels:

Banks and Credit Unions Channel

Nondepository Channel

Securities Channel

Banks, credit unions, trusts, holding companies

Mortgage lenders, exempt companies, check cashers, consumer lenders, industrial lenders, money transmitters

Securities offerings, broker-dealers, investment advisers, issuers, agents

Putting the Mission to Work

Mission Statement

DFI's mission is to serve Kentucky residents and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.

OFI is located at 1025 Capital Center Drive in Frankfort.

In fulfilling its mission, DFI is dedicated to serving the suppliers, as well as the users, of financial services and to assuring a stable market which brings the two together.

DFI also works to promote economic growth through increased capital, whether by initial capitalization of private investors or retained earnings, and by flexible policies, laws and regulations that provide for competition within the industries.

Primarily through the examination process, DFI determines if Kentucky's state-regulated financial institutions and securities entities are exercising safe and sound practices and/or complying with applicable laws and regulations. Depository institutions are evaluated in the areas of management, quality of assets, capital adequacy, earnings and liquidity and are checked for compliance with laws and regulations. Securities entities and non-depository institutions' examiners focus primarily on regulatory compliance and consumer protection issues.

DFI's long and continuing tradition of public service is supported and sustained by a highly skilled and diverse workforce that responds rapidly to changes in the financial environment.

 

Department of Financial Institutions
1025 Capital Center Drive
Suite 200
Frankfort, KY 40601
Phone: 502-573-3390
Toll free: 800-223-2579
Fax: 502-573-8787
E-mail:
kfi@ky.gov

Recent Press Releases
  • DFI Lists Top 10 Investor Traps of 2010
    Monday, August 09, 2010
    Today the Department of Financial Institutions (DFI) released its annual list of traps that investors should avoid.
  • Oil and Gas Official Convicted of Defrauding Investors Out of Millions
    Wednesday, July 21, 2010
    A federal jury in Lexington convicted an official from two oil and gas companies in Danville and Albany, Ky., on charges that he created a scheme to defraud investors in Kentucky and other states out of millions of dollars. The official's brother was also convicted. The brothers are responsible for $3 million each in forfeiture charges.
  • New Law Enhances Penalties for Investment Fraud Against Senior Citizens
    Thursday, July 15, 2010
    Investment scams that target senior citizens are now subject to more strict penalties as Senate Bill 130 takes effect today. Sen. Tom Buford sponsored the Kentucky Department of Financial Institution’s (DFI) legislation that passed during the 2010 General Assembly.

 

Consumer Resources
 

NMLS Consumer Access
Check out your mortgage lender using NMLS Consumer Access External Link - You are now leaving the .gov domain. .


Loan Modification Scam Prevention Network

Homeowners, counselors and organizations have a new resource to report loan modification scams that target homeowners facing foreclosure. File a complaint through the Loan Modification Scam Prevention Network External Link - You are now leaving the .gov domain. . The site also is a nationwide clearinghouse for loan modification scam information, laws and enforcement actions. 


 Buyer Beware DVD
DFI and AARP have produced a video about how to guard against financial fraud.


Protect My Ky Home
Click the logo above for help with foreclosure issues.


 Become a Free Lunch Seminar Monitor External Link - You are now leaving the .gov domain. . DFI and AARP are recruiting volunteers to collect information provided at investment seminars for evaluation by regulators.

 

Breaking News
 

The following items may be of interest to the public and/or the industries DFI regulates:

Mortgage loan originators and processors were required to pass the national and state tests and submit an electronic background check through NMLS by June 30, 2010. Individuals who had an approved registration prior to this date but have not completed these requirements will have their registration suspended. Individuals cannot originate or process loans until requirements are met and registration is reinstated. Consumers can use NMLS Consumer Access External Link - You are now leaving the .gov domain.  to check the status of an individual's registration.

DFI's 2009 annual report is now available.

On June 11, DFI issued a cease and desist order [PDF 170KB] against a mortgage company called Home Ownership Possibilities for Everyone LLC (HOPE). The company is prohibited from the mortgage industry in Kentucky, including issuing new loans, soliciting or advertising in Kentucky. For more information on what to do if you were in the process of applying for a loan with HOPE, read DFI’s press release. To file a complaint, visit the complaint page or call 800-223-2579.

An order of the commissioner [PDF 67K] dated March 29, 2010, modifies KRS Chapter 286.9. The order lists additional information that check cashers are required to enter on the database and clarifies the definition of a closed transaction.

On Feb. 16, David G. Rose was sentenced to 52 months in federal prison and ordered to pay almost $3 million in restitution to investors for a scheme involving oil and gas reserves. Rose, 59, has already paid $1 million toward the restitution for 62 victims. He pleaded guilty in July to one count of tax evasion and 21 fraud-related counts. Rose promoted two oil and gas well development projects through EnTerra Energy LLC. The case was prosecuted by Assistant U.S. Attorney James R. Lesousky, and it was investigated by the FBI and the IRS. DFI obtained an agreed order of permanent injunction against EnTerra Energy on July 29, 2005, which can be viewed on our Securities Enforcement Actions page.

On Jan. 4, DFI issued an order to cease and desist [PDF 289KB] against Ideal Mortgage Bankers Ltd., doing business as Lend America, Lending Key or Consumer First. The company is prohibited from issuing new loans or soliciting or advertising in Kentucky. The company must transfer servicing of any Kentucky loans to another servicer by Jan. 31. Consumers must be notified of the transfer within 10 days. For those who were in the process of getting a loan, Ideal must make an effort to place the loan with another authorized lender or broker with similar terms. To file a complaint, visit the Complaint page or call 800-223-2579.

On Aug. 17, DFI issued a cease and desist order [PDF 1.8MB] against Taylor, Bean & Whitaker Mortgage Corporation. The company is prohibited from issuing new loans as well as soliciting or advertising in Kentucky. Also the company must stop foreclosure proceedings, but it is required to continue servicing current loans in the best interest of the consumer. For more information on what to do if you applied for a loan that did not close, or if you currently have a loan, read DFI's press release.

For information on DFI's case against Jewell Robbins, visit DFI v. Robbins. Robbins is prohibited from selling securities in Kentucky.

 

Last Updated 8/24/2010
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