Today at 1pm, the National Conference of State Legislators (NCSL) committee on Communications, Financial Services and Interstate Commerce will open and debate the Banking Policy NCSL supports and which ABA and ABIA have worked to maintain. Unlike scheduled amendments, "opening" policy for debate allows amendments from the committee members without having to pre file the amendment.
While we have no specific threat information at this time, supporters of the Glass-Steagall Act, which was partly repealed in 1999 by Gramm Leach Bliley (GLBA), would like NCSL to adopt a resolution in support of reimplementing Glass -Steagall. GLBA is the act which allows integrated financial services - banking, insurance and securities. ABA and ABIA strongly support GLBA and will work to defeat any NCSL amendment supporting revival of Glass-Steagall if one is offered.
ABIA members would rather see NCSL support implementation of NARAB II and adopt a resolution precluding the CFPB from violations the Dodd Frank prohibition on the agency regulation the business of insurance.