Insurance Companies Face New Scrutiny and Bank-Like Regulation
Image: Insurance firms are in an identity crisis these days: Regulators are treating them like banks. While insurers are trying to resist that, regulators themselves still struggle with how to make sense of the global jumble of rules, requirements, and risk generated by large firms. “There are a lot of ...
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Fed proposes more ‘bank-like’ capital & risk standards for insurance companies
Insurance companies are increasingly targeted with bank-like regulation and oversight. The latest development: proposals by the Federal Reserve’s Board of Governors for new capital and risk management standards for systemically important insurance companies and those that own a bank or thrift. Joe Mont reports.
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SEC Girds for Next Wave of Political Battles
On paper, the next several months mark the final stretch for the SEC’s implementation of Dodd-Frank Act rulemaking. In reality expect continued battles over the law, waged by both Republicans and Democrats. Recent congressional hearings gave a sense of what’s to come: stress tests for asset management funds, fights over ...
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News BriefFCA fines Monzo digital bank $28 million for AML, KYC failures
Britain’s Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to properly collect customer information and protect against financial crimes. The move is the latest in a series of efforts by British authorities to combat chronic money laundering and other crimes ...