Filed Under:Your Practice, Regulatory

The Fed's Hit List

The Fed is looking to oversee insurance companies that own a savings & loan; which ones are currently on the list?

(AP Photo/J. Scott Applewhite, file)
(AP Photo/J. Scott Applewhite, file)

What follows is a list of insurers currently targeted by the Fed for additional oversight because they operate a thrift. While some of the companies on this list are seeking to shed their thrifts to avoid addtional federal regulation, others are willing to live with additional federal oversight.

According to federal regulators, the list of companies under scrutiny by the Fed is a "moving target," and it is subject to change. But for now, here are the first 20 companies to come under the Fed's spotlight. Who will be next? Only time will tell.


Insurer: AIG

AIG FSB (Wilton, CN)

Insurer: Ameriprise
Ameriprise Bank FSB (Minneapolis, MN)

Insurer: Auto Club Insurance Association
Auto Club Trust Bank FSB (Dearborn, MI)

Insurer: CICO Holding
Colonial Savings Bank (Fort Worth, TX)
Note: The thrift and Colonial Life and Colonial Mortgage Insurance Co. are under common ownership, though the insurance companies do not directly own the thrift.

Insurer: Country Financial
Country Trust Bank (Bloomington, IL)

Source: National Underwriter, SNL Financial

Photo credit: (AP Photo/Mark Lennihan, file)

NW Mutual

Insurer: Northwestern Mutual
NW Mutual Wealth Management Co. (Milwaukee, WI)

Insurer: MassMutual 
 MassMutual Trust Co. FSB (Springfield, MA)

Insurer: Donegal Mutual

Union Comm Bank FSB (Marietta, PA)

Insurer: First American
Thrift: First American Trust FSB (Santa Ana, CA)

Insurer: TIAA-CREF
TIAA-CREF Trust Co. FSB (St. Louis, MO)

Source: National Underwriter, SNL Financial

Photo credit: (PRNewsFoto/NorthwesternMutual)


Insurer: Prudential Financial
 Prudential Bank and Trust FSB (Philadelphia, PA) 
 Prudential is in the process of selling off deposits and converting its thrift to a trust bank.

Insurer: Ohio Farmers

Thrift: Westfield Bank FSB (Westfield Center, OH)

Insurer: Polish National Alliance of the U.S.
PNA Bank (Chicago, IL)

Insurer: Shelter Mutual

Shelter Financial Bank (Nashville, TN)

Insurer: State Farm
State Farm Bank FSB (Bloomington, IL)

Source: National Underwriter, SNL Financial

Photo credit: (AP Photo/Douglas C. Pizac)

NJ Manufacturers

Insurer: N.J Manufacturers
 N.J.M Bank FSB (West Trenton, NJ)

Insurer: UNIFI MHC

Acacia FSB (Falls Church, VA)

Insurer: USAA

USAA FSB (San Antonio, TX)

Insurer: WPS Health

WPS Comm Bank FSB (Madison, WI)

Insurer: W.R. Berkley
Thrift: InsurBanc (Farmington, CN)

Source: National Underwriter, SNL Financial

Photo credit: (AP Photo/Tim Larsen)

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