The Palau Financial Services Regulation Governing Board bid farewell to its longest serving member Mr. Kaleb Udui, Jr., on November 15, 2011. Mr. Udui was appointed to the PFSR board in February 2002. He served as Ex-Officio member of the Board until his term ended on November 15 when he effectively was no longer President of the National Development Bank of Palau. Mr. Udui is eligible for appointment to the PFSR Board as a voting member and his nomination from the President’s Office has been submitted to Senate for consideration.

Kaleb Udui, Jr., has been an invaluable member of the PFSR Board holding positions on the Board’s committees and as Ex-officio. His professionalism, experiences and expertise have been invaluable contributions to the agency, the depositors of financial institutions, and the banks that the Commission diligently regulates. He was instrumental in the passage of the Financial Institutions Act, the 2008 amendments of the Financial Institutions Act, the promulgation and passage of Regulations for the Palau Financial Services Regulation, the establishment of the Financial Investigations Unit, among others.
Mr. Udui served as Receiver for Pacific Savings Bank. As Receiver, Mr. Udui demonstrated exemplary conduct and leadership in serving the Republic of Palau.

Moreover, Mr. Udui has dealt with such politically sensitive matters as those concerning the criminal and civil court cases related to the failure of Pacific Savings Bank, PSB depositors’ payout, and the termination of the Receivership. He maintained calm and composure and upheld the PFSR Board’s policies in preserving the principles of prudent banking regulation pursuant to the Republic of Palau Financial Institutions Act.

The Palau Financial Services Regulation extends its deepest appreciation to Mr. Udui for his time and dedicated service to the Republic of Palau in furthering the development of, and improvements in the financial sector. His presence on the board and involvement in the growth and development of the Palau Financial Services Regulation will be missed by the Board, staff, and the Executive Commissioner. Mr. Udui was presented with a Certificate of Appreciation and formal Board Resolution in recognition of his many contributions.

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