Governor John Engler created the Office of Financial and Insurance Regulation as a Type I agency within the Michigan Department of Consumer and Industry Services to be headed up by a commissioner appointed to a four-year term.
The Governor formed the department in hopes of better regulations thus drawing more insurance and banking companies to the state thus leading to more jobs.
[4] In May 2013, the DIFS ordered two unlicensed pay day loan operators to stop activities in Michigan.
[7] The department placed Clarkston Brandon Community Credit Union into Conservatorship with the National Credit Union Administration as conservator in January 2015 after $20 million was stolen by CFO Michael LaJoice since 2013.
[9] Governor Snyder in September 2018 ordered the formation an Anti-Fraud Unit criminal justice agency to investigate auto and health insurance and finance related crimes.