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Friday, February 27, 2015

Senator Shelby Headlines ABIA Washington Forum

Dozens of American Bankers Insurance Association members met in Washington, D.C., Wednesday for a dialogue with Congress and regulators about the challenges facing banks operating insurance businesses and what to expect in the 114th Congress.

Agenda items included the recently renewed Terrorism Risk Insurance Act and the accompanying establishment of a National Association of Registered Agents and Brokers, both major ABIA priorities. Participants also discussed security challenges related to cyber insurance carriers and the role of the Consumer Financial Protection Bureau in enforcing and authorizing insurance regulations.

In the afternoon, forum attendees headed to Capitol Hill to meet with with lawmakers, including Senate Banking Committee Chairman Richard Shelby (R-Ala.) and Reps. Blaine Luetkemeyer (R-Mo.), Bill Huizenga (R-Mich.), Randy Neugebauer (R-Texas) and Ed Royce (R-Calif.).

Read more. 

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:

The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

Tuesday, February 24, 2015

Bank Regulators Seek Comment on Outdated Rules

By ABIA Outside Counsel, McIntyre & Lemon, PLLC

Federal bank regulatory agencies requested comment on a second set of regulations as part of their review to identify outdated or unnecessary rules.

“The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the . . . Office of the Comptroller of the Currency [OCC], Federal Deposit Insurance Corporation [FDIC], and Board of Governors of the Federal Reserve System to review their regulations at least every 10 years. The agencies also are required to categorize and publish the regulations for comment, and submit a report to Congress that summarizes any significant issues raised by the comments and the relative merits of such issues.

“The agencies have divided their regulations into 12 categories and requested comments in June 2014 for three categories. The second notice was published February 13 seeking comment on regulations in three additional categories: banking operations; capital; and the Community Reinvestment Act. Comments will be accepted until May 14, 2015.”

Monday, February 23, 2015

ABIA Hosts Compliance Webinar on Privacy

Last week, the American Bankers Insurance Association hosted a Compliance Webinar on Privacy.  This month’s Compliance Webinar focused on consumer privacy and the information sharing restrictions in federal law and regulations. The Gramm-Leach-Bliley Act and the Fair Credit Reporting Act require certain disclosures and opt-out opportunities when financial institutions, including insurance agencies, share customer nonpublic personal information with outside parties and affiliates, respectively. The webinar provided an overview of the regulators’ privacy expectations, when to provide privacy disclosures, what information is required in the disclosures, when an opt-out opportunity is required, and recent regulatory changes to when an annual privacy notice must be provided.

View the presentation.

Download the recording.

Want to learn more about upcoming ABIA Compliance Webinars and Discussion Groups? Contact us and view our website.

ABIA Hosts Compliance Webinar on National Association of Registered Agents and Brokers (NARAB): Creating a National Insurance Producer License

Last week, the American Bankers Insurance Association hosted a webinar on the National Association of Registered Agents and Brokers (NARAB): Creating a National Insurance Producer LicenseOur panel of regulatory and business experts, Markham McKnight, Bancorp South, Joel Wood, Council of Insurance Agents and Brokers, and Kevin McKechnie, American Bankers Association, discussed the provisions of NARAB, their economic benefit to consumers and to the industry, the timeline for implementation and the challenges inherent in this enterprise.

Listen to the presentation. 

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