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State regulators vie for seat on the newly proposed Financial Services Oversight Council

Edwards Wildman Palmer LLP
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USA
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August 3 2009

As previously discussed, the United State Treasury Department has recently submitted a proposal to form a Financial Services Oversight Council (the "Council") composed of various federal regulators to coordinate financial services regulation and oversight, but would not include a representative to the Council that has a specific insurance or reinsurance regulatory portfolio

Senate financial reform bill to be unveiled Monday; bipartisan negotiations fall apart

Edwards Wildman Palmer LLP
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USA
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March 11 2010

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday

District of Columbia appoints new Commissioner

Edwards Wildman Palmer LLP
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USA
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September 2 2009

On August 28, 2009, the District of Columbia Department of Insurance, Securities and Banking (“DISB”) issued a press release announcing that Thomas E. Hampton has stepped down as Commissioner of the DISB

Financial regulatory reform outlook

Edwards Wildman Palmer LLP
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USA
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October 1 2009

Though currently shadowed by healthcare reform efforts that have dominated the congressional schedule this fall, the push to enact a financial regulatory overhaul has been making steady progress in Congress

P&C insurers to submit copies of consumer notices in connection with credit scoring to New Jersey Department of Banking and Insurance

Edwards Wildman Palmer LLP
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USA
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October 5 2009

On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment, divorce or identity theft, to name a few

House Financial Services Committee and Treasury Department release Financial Stability Improvement Act of 2009

Edwards Wildman Palmer LLP
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USA
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November 9 2009

On October 27, 2009, the House Financial Services Committee and the Treasury Department released draft legislation, titled the Financial Stability Improvement Act of 2009 (the "Bill"), to address systemic risk issues, particularly in connection with financial institutions that are considered "too big to fail."

Treasury Department sends systemic risk regulation proposal to Congress, and other financial regulatory overhaul news

Edwards Wildman Palmer LLP
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USA
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July 24 2009

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council the Financial Services Oversight Council to identify and manage emerging risks

Details of House-passed financial regulatory reform legislation

Edwards Wildman Palmer LLP
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USA
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December 14 2009

On Friday, the House passed its 1,200 page package of nine bills to reform the U.S. financial regulatory system by a vote of 223-202

Unscrambling the Gramm-Leach-Bliley omelet

Edwards Wildman Palmer LLP
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USA
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December 23 2009

Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act

House committee completes action on financial regulatory reform legislation, stage set for floor vote next week

Edwards Wildman Palmer LLP
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USA
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December 3 2009

The House Financial Services Committee completed its work on a large scale financial regulatory overhaul on Wednesday, when the committee voted to approve the final piece of the Administration’s reform proposal systemic risk legislation