Filed Under:Your Practice, Regulatory

Financial Services Roundtable Supports Central Regulatory Role for FIO

From the Washington Bureau

Financial Services Roundtable president and CEO Steve Bartlett (AP Photo/Haraz N. Ghanbari)
Financial Services Roundtable president and CEO Steve Bartlett (AP Photo/Haraz N. Ghanbari)

The Financial Services Roundtable wants the Treasury Department to use the Federal Insurance Office to coordinate the activities of all federal agencies regarding insurance in order to ensure that onerous and duplicative federal intervention in the insurance business doesn’t occur.

The letter was written to Treasury secretary Timothy Geithner this week and obtained by National Underwriter.

At the same time, Troy said that some banks are headed in the opposite direction as they try to replace income lost to regulation during the crisis by bulking up their insurance businesses, as witnessed by BB&T’s recent acquisition of insurance brokerage the Crump Group. 

Troy said there is “speculation” that Wells Fargo, BB&T’s primary bank competitor in the insurance brokerage space, may itself make a major insurance brokerage acquisition.

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Nichole Morford

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