Dodd Frank Act News

Sen. Collins: Finding the Right Capital Regulations for Insurers

The following a statement by Senator Susan Collins, a former state insurance regulator,  in testimony before the Subcommittee on Financial Institutions and Consumer Protection today on capital requirements for insurance companies. She has authored an amendment to the Dodd-Frank Act …

Dodd-Frank Swaps Rule Could Impact Insurers’ Risk Management, Ratings: S&P

Ratings analysts at Standard & Poor’s say that a Dodd-Frank provision having to do with derivatives could improve insurers’ risk management and have a minor impact on ratings. In response to the financial crisis of 2008, Congress passed the Dodd-Frank …

State Insurance Regulators Invoke Jefferson to Limit Federal Role

State insurance regulators are drawing on the country’s founding principles as they resist international pressure to give the federal government a greater role in overseeing the industry. Ben Nelson, chief executive officer of the National Association of Insurance Commissioners and …

Obama to Meet with Regulators on Dodd-Frank Law Status

President Barack Obama will sit down with the leading U.S. financial market regulators on Monday to discuss their progress in implementing the 2010 Wall Street reform law, the White House said on Sunday. The Dodd-Frank law was passed by the …

Insurers, Customers Were Kept Safe from 2008 Financial Crisis: GAO Report

At a time when efforts are underway to require additional supervision of some large insurers, a new government report concludes that the insurance industry’s own practices and the policies of state and federal regulators successfully shielded most of the $1 …

AIG to Close Down Savings Bank Unit Due to Dodd-Frank Limits

American International Group Inc. will return funds to customers of its banking unit and shut their accounts as the Dodd-Frank Act places limits on insurers with deposit-taking units. AIG Federal Savings Bank “will no longer be servicing retail deposit accounts …

Treasury Secretary Lew Urges Congress Not to Change Dodd-Frank Reforms

U.S. Treasury Secretary Jacob J. Lew said he is “stepping on the accelerator” to implement the Dodd-Frank Act and warned lawmakers against trying to change the financial rules overhaul. “Members of Congress who want to alter financial reform before it …

Insurers, State Regulators Try to Block Bank-Like Rules by Federal Reserve

MetLife Inc. and Prudential Financial Inc. have been joined by state regulators challenging the Federal Reserve on how to oversee the biggest insurers under the Dodd-Frank law. The insurers and watchdogs are pressuring the Fed to avoid bank-like capital rules …

Insurers, Banks Leveraging Trade Talks to Change Dodd-Frank

U.S. bankers and insurers are trying to use trade deals, which can trump existing legislation, to weaken parts of the Dodd-Frank Act designed to prevent a repeat of the 2008 financial crisis. While the companies say they are seeking agreements …

Justice Dept.: No Financial Firm Is ‘Too Big to Jail’

A Justice Department official insisted on Wednesday that no financial company is too big to jail, in the department’s latest effort to backpedal from statements made in March by Attorney General Eric Holder. “No institution and no individual is immune …