Q’s Raised About OFI Independence & Impartiality

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Some in the finance business have reservations about the independence and impartiality of the regulator of financial institutions in the territory because of the involvement of the head of the Office of Financial Institutions in the initial contacts made for setting up the Territorial Bank of American Samoa.

In addition OFI is under Treasury and the salary of the OFI Commissioner and his staff is paid by ASG.

KHJ News received word last week that OFI Commissioner Robert Ho Chee was giving advice on TBAS operations.

Those who work closely with Ho Chee say that he was part of the A team which worked with ASEDA on the bond issue and was active in the process of setting up TBAS.

At the ASEDA press conference on Saturday,  KHJ News asked what assurances ASEDA and Commissioner Ho Chee can give that OFI will operate independently and TBAS will not get special favors.

Board member and chief counsel for the Governor, Steve Watson, gave this reply.

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Watson also said that our confusion may have been because Ho Chee was appointed by the governor to handle the transition from Bank of Hawaii.

Attorney General Talauega Eleasalo Ale also gave this explanation.

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For his part OFI Commissioner Ho Chee said that his office will enforce local and federal banking laws to protect consumers.

It was revealed at the ASEDA press conference that the Territorial Bank of American Samoa is requesting that payroll deductions be resumed  and if approved this service will be available to all other banking institutions .

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