Dodd-Frank.com

FSOC Approves Rule to Designate Nonbank Financial Companies for Enhanced Oversight

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Section 113 of the Dodd-Frank Act authorizes the Financial Stability Oversight Council, or FSOC, to require a nonbank financial company to be supervised by the Board of Governors of the Federal Reserve System and be subject to prudential standards if FSOC determines that material financial distress at the company—or the... Read More

Topics: Banking, Broker-Dealer, Insurance, Investment Advisers

Federal Insurance Office Director Outlines Role of FIO

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Michael McRaith, Director, Federal Insurance Office, or FIO, gave his thoughts on the role of the FIO at the Property/Casualty Insurance Joint Industry Forum On January 10. 2010.  Highlights of Mr. McRaith’s speech are extracted below. According to Mr. McRaith, “a key responsibility of the FIO is to “monitor all... Read More

Topics: Insurance

Treasury Official Speaks About Federal Insurance Office

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Neil Wolin, Deputy Treasury Secretary, recently addressed the status of the Federal Insurance Office, or FIO, at a recent conference sponsored by the FIO. Mr. Wolin noted that before the Dodd-Frank Act was passed, the Federal government had no central repository for comprehensive insurance expertise. He also added that “Dodd-Frank... Read More

Topics: Insurance

Federal Insurance Office Takes Shape

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The Dodd-Frank Act established the Federal Insurance Office, or FIO, within the Treasury Department.  FIO Director Michael McRaith recently explained the FIOs current and expected activities. The FIO advises the Secretary of the Treasury on major domestic and prudential international insurance policy issues.  As part of this work, it monitors... Read More

Topics: Insurance

President Obama’s CFTC Budget Includes “User Fees” on Derivative Transactions–Commissioners Join the Fray

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CFTC Commissioners Scott O’Malia (R) and Bart Chilton (D) have joined the fray over President Obama’s recently released budget for fiscal year 2012 by releasing statements in recent days regarding the budget’s allocation for CFTC spending. The President’s budget requests $308 million for the CFTC (a 45 percent increase over... Read More

Topics: Banking, Derivatives, Energy, Insurance