Robert Ho Chee Named to Head Office of Financial Institutions

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Governor Lolo Moliga has appointed  Mr. Robert Ho Chee as Commissioner to head the head the Office of Financial Institutions.

OFI is the new government agency that was established by law to regulate banking, money transfer and currency exchange services, insurance, pay day loans and money lending ventures.

Ho Chee has been working as a special assistant to the Treasuer since 2013, hacing been hired by the late Treasurer Falema’o Dr. Phil Pili.

His experience in the banking industry includes a stint as an assistant manager of Bank of Hawaii in American Samoa.

KHJ News asked the governor ‘s executive assistant Iulogologo Joseph Pereira if reports from associates and friends of Mr. Ho Chee that he is now the head of OFI were true.

Iulogologo confirmed that the governor has appointed Ho Chee as commissioner pending Fono confirmation to take charge of OFI.

This agency is set up under Treasury and Iulogologo described its primary function being to  ensure that all businesses dealing with finances comply with Federal Deposit Insurance Corporation regulations .

In relation to the government bank, the Territorial Bank of American Samoa, the governor’s top advisor says OFI would provide assurance to customers that their interests are protected.

TBAS will not be covered by the FDIC when it’s first launched.

Iulogologo says the establishment of OFI projects the commitment of the government to ensure  that TBAS and all other financing institutions on island are in compliance with federal and local banking statutes.

The governor’s special assistant said Ho Chee’s credentials and extensive work experience in banking as well as OFI type operations provided confidence that he is well qualified to assume this position. Iulogologo noted that the OFI entity must be made ready before

TBAS opens its doors for business in September.

He said of Ho Chee’s appointment, “most fortuitously we have a Samoan on island with the right credentials and experience to ensure that mandated functions of the agency are carried out pursuant to the dictates of Title 28, Chapters of the American Samoa Code Annotated.”

KHJ News asked if the position was advertised.

Iulogologo replied that the job was not advertised “predicated on the fact that we have a qualified person to assume this job. This is an appointed post and time is of the essence.”

The administration is still targeting September to open the government bank, TBAS.

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