OFI lodges complaint against lack of TBAS financial statements
The Commissioner of the Office of Financial Institutions, John Mars, has confirmed his office is in the process of adjudicating a complaint against TBAS's President David A. Buehler for allegedly failing to deliver audited financial statements in a timely fashion.
He refers to the audit report for the fiscal year 2022, which has not been filed to date. Marsh was responding to KVZK questions regarding the lack of audit reports.
Marsh declined to further comment on the matter in any case of inadvertently running afoul of the strict confidentiality requirements under the Office of Financial Institutions statute.
Marsh, however, has reassured the issues in the complaint should not cause concern among TBAS's depositors.
The OFI was to establish and maintain a financial regulatory and supervisory system for American Samoa’s economic plans, consistent with local and federal Banking laws and standards.
The OFI regulates financial institutions and businesses that deal with money, such as money transfer companies.
KVZK reached out to TBAS President David A. Buehler for comments, but there has been no response as of press time.