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Tuesday, July 30, 2013

How Would Senator Warren’s Bill Disconnect Bank and Insurance Activities?

By ABIA Outside Counsel Chris P. Datskos and Adam Maarec, McIntyre & Lemon, PLLC

On July 11, 2013, Senator Elizabeth Warren introduced the bipartisan 21st Century Glass-Steagall Act (S. 1282), which would restrict banks from engaging in insurance and securities activities. The bill was introduced to reinstate the Glass-Stegall Act in our modern banking era, but it appears overly broad and, if passed, would significantly affect the ability of banks to sell insurance.

Read our members-only compliance brief in order to learn about the history behind bank insurance powers, a summary of Sen. Warren's bill, and an assessment of how it would affect bank insurance operations. If you are having trouble logging on or you are with a member that is not a bank, please contact us and we will email you a copy.

ABIA members may access a wealth of compliance information – including our flagship Compliance Handbook on our compliance page. If you need help logging in, please contact us and we will be happy to assist you.