Filed Under:Life Insurance, Life Practice Management

Bernanke backs tough thrift rules

(AP photo/Dennis Cook)
(AP photo/Dennis Cook)

The Federal Reserve appears to be reiterating that it will use “bank-centric” standards abhorred by the insurance industry in regulating insurance companies which operate thrifts — although some industry trade groups are disputing that interpretation.

Fed chairman Ben Bernanke said the Fed must use bank-centric standards “to meet the legal requirement” imposed by the Dodd-Frank financial services reform that it apply consolidated capital requirements to savings and loan holding companies.

In these paragraphs, Bernanke says the Fed board “recognizes that these are serious concerns and will carefully consider all of the concerns raised in these comments and your letter over the course of the rulemaking.”

Bernanke also said in the letter that federal banking regulatory agencies “will also take operational and other considerations into account when determining appropriate implementation dates and associated transition periods, as with any rule.”

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Nichole Morford

Nichole Morford
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