Treasury Secretary Jacob Lew issued a statement arguing that a federal court's decision to rescind the determination that MetLife was a so-called "systemically important financial institution" leaves one of the "largest and most highly interconnected financial companies in the world subject to even less oversight than before the financial crisis."
A U.S. District Court granted MetLife, Inc.'s cross-motion for summary judgment in a lawsuit that challenged the company's designation by the Financial Stability Oversight Counsel as a Systemically Important Financial Institution.
A joint request for comment on interim final rules implementing a provision of the Fixing America's Surface Transportation Act was published in the Federal Register. The provision permits the banking agencies to examine certain qualifying insured depository institutions.
The Office of the Comptroller Currency, the Board of Governors of the Federal Reserve System and the FDIC requested public comment on interim final rules to increase the number of small banks and savings associations eligible for an 18-month examination cycle.
Senator Elizabeth Warren (D-MA) and Representative Elijah E. Cummings (D-MD) argued that "insurers and financial firms provide much more optimistic assessments when they speak to their own investors" than in their "dire and unsupported public predictions and official comments to the Department of Labor about the impact of the proposed Conflicts of Interest rule."
Senator Elizabeth Warren conducted an investigation of fifteen leading annuity providers to determine whether they offered their sales agents non-cash incentives and other perks to promote their products. The resulting report, titled Villas, Castles, and Vacations: How Perks and Giveaways Create...
The Board of Governors of the Federal Reserve System ("FRB") Associate Director of Banking Supervision and Regulation Thomas Sullivan stated that the FRB is constructing a domestic regulatory capital framework for its supervised insurance holding companies that is "well tailored to the business of...