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Ronald Rubin, Linda Charity finalists to become state’s top financial regulator

The announcement came at a Cabinet aides meeting.

Linda Charity and Ronald Rubin were announced as the two finalists for the open position of Commissioner of the Office of Financial Regulation (OFR).

The announcement came at a Cabinet aides meeting on Thursday.

Charity is a former OFR official who served as interim commissioner twice. Rubin has been an enforcement attorney for the federal Consumer Financial Protection Bureau and worked at the U.S. Securities and Exchange Commission (SEC).

One of the two will replace former OFR Commissioner Drew Breakspear, whose official last day was last June 30.

He announced he was stepping down after CFO Jimmy Patronis pressured him to leave the position. Patronis’ office had said he received numerous calls for a new top regulator from mortgage and security industry leaders who had clashed with the agency.

Pam Epting has been interim commissioner at the post’s $135,000 salary.

The OFR reports to the Financial Services Commission, which is made up of the Governor and Cabinet. 

State law says they can hire or fire the OFR’s head “by a majority vote consisting of at least three affirmative votes, with both the Governor and the Chief Financial Officer on the prevailing side.”

Charity and Rubin will be interviewed, either in person or by phone, at the Cabinet meeting next Tuesday.

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