@Regulatory - February 2010 |
The February issue of @Regulatory addresses topics of interest for banking and insurance professionals.
Banking: The Wall Street Reform and Consumer Protection Act was recently passed by the U.S. House of Representatives. This bill takes a broad approach to combat weaknesses identified as playing a role in the U.S. economy a year ago, including establishing new regulatory agencies and financial stability committees, further regulation of financial institutions, and providing greater authority to existing regulatory bodies. It is broad in scope and targets many factors that both contributed to and failed to detect the instability of the financial markets. A brief overview of some of the primary components of the bill is presented in “The Wall Street Reform and Consumer Protection Act: Increased Supervision, Responsibility, and Accountability.”
Insurance: The U.S. House Financial Services Committee recently approved the Federal Insurance Office Act, legislation which, if passed, would create a Federal Insurance Office (FIO). The intention of the bill is to develop an entity at the federal level with deep, thorough insurance knowledge and expertise to advise the government on the insurance industry. The article “Federal Insurance Office Act Passed by U.S. House Financial Services Committee” gives a brief overview of the bill and the proposed role of the FIO.
We also have highlighted in our News Bulletins selected policy and supervisory guidance issues that are posing challenges across the banking sector.
Banking
- Office of Thrift Supervision (OTS) Releases Revised Examination Handbook Sections on Liquidity Risk Management and Investment Securities
- OTS Issues New Trust and Asset Management Handbook Section
- Financial Crimes Enforcement Network’s (FinCEN) Assessment of Suspicious Activity Reporting for the Insurance Industry
Read the full issue in the PDF attached below.