Agencies Release Revised Interagency Questions and Answers regarding Flood Insurance| site |
Information contained in Board of Governors of the Federal Reserve System press release dated: May 11, 2022
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Five federal regulatory agencies today jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies' implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years.
The Q&As cover a broad range of technical flood insurance topics, including the escrow ...
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Agencies Release Revised Interagency Questions and Answers regarding Flood Insurance
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U.S. Department of Labor awards 20 Million Dollars in Funding to Help Workers Overcome Barriers to Equitable Access to States' Unemployment Insurance Systems
U.S. Department of Labor awards $20 Million in Funding to Help Workers Overcome Barriers to Equitable Access to States' Unemployment Insurance Systems | site |
Indiana, Kentucky, Utah, Washington round out 3rd set of grant recipients
Information contained in U.S. Department of Labor press release dated: May 2, 2022
Washington - - To improve the delivery of unemployment insurance services to people faced with obstacles to accessing state systems and benefits, the U.S. Department of Labor today announced the award of more than $20 million in equity grant funding to state unemployment insurance systems in Indiana, Kentucky, Utah and Washington.
Administered by the department’s Employment and Training Administration, the grants will fund projects that seek to ensure race, age, ethnicity, language proficiency, disability status, geographic location or other systemic barriers do not prevent those in need from accessing... -
Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022
Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022 | site |
Information contained in Board of Governors press release dated: March 25, 2022 The Federal Reserve Board announced on Friday that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board. The Board extended the comment period to allow parties additional time to prepare comments. Originally, comments were due by April 5, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or that has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and... -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter with U.S. Secretary of the Department of Labor Martin J. Walsh to Congressional Leaders on Unemployment Insurance
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter with Secretary of the Department of Labor Martin J. Walsh to Congressional Leaders on Unemployment Insurance | site |
(Information contained in U.S. Department of the Treasury press release dated: August 19, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen and Secretary of the Department of Labor Martin J. Walsh sent a letter to Senate Finance Committee Chairman Wyden and House Ways and Means Committee Chairman Neal on the expiration of emergency unemployment insurance.
The full text of the letter is available here and below. Dear Chairman Wyden and Chairman Neal: We write on behalf of President Biden with an update on the steps our Departments are taking in advance of the expiration of emergency unemployment insurance (UI) programs on September 6, 2021. As you know, these programs were first enacted in the CARES Act, and were extended... -
U.S. Department of Labor issues Guidance to States to permit greater flexibility for Waiving the recovery of certain Unemployment Insurance Overpayments
U.S. Department of Labor issues Guidance to States to permit greater flexibility for Waiving the recovery of certain Unemployment Insurance Overpayments | site |
(Information contained in U.S. Department of Labor press release dated: May 5, 2021)
Washington, DC - - The U.S. Department of Labor’s Employment and Training Administration today issued an Unemployment Insurance Program Letter that provides states with guidance on addressing unemployment insurance benefit overpayments established by states for programs authorized by the Coronavirus Aid, Relief, and Economic Security Act. An overpayment occurs when a state finds an individual received a payment or payments to which they are not entitled.
The guidance includes the following updates on the CARES Act unemployment benefit programs:- States may choose to waive recovery of overpayments under certain circumstances when an individual is not at fault. This includes circumstances
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Agencies release Proposed new Interagency Questions and Answers regarding Private Flood Insurance
Agencies release Proposed new Interagency Questions and Answers regarding Private Flood Insurance | site |
(Information contained in Board of Governors of the Federal Reserve System press release dated: March 11, 2021)
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Washington - - Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance. The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The proposal incorporates new questions and answers in a number of areas including:- Mandatory
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Premium Reductions coming to Enrollees of Veterans’ Group Life Insurance
Premium Reductions coming to Enrollees of Veterans’ Group Life Insurance | site |
(Information contained in U.S. Department of Veterans Affairs press release dated: March 1, 2021)
Washington - - All Veterans insured under Veterans’ Group Life Insurance (VGLI) will receive a reduction in premiums effective April 1, ensuring that VGLI remains a cost effective option for Veterans and transitioning uniform service members who choose Department of Veterans Affairs (VA) insurance products.
Premiums for VGLI will be reduced by an average of 7% across all age groups — allowing separating service members to continue their Servicemembers’ Group Life Insurance coverage level as a renewable term insurance policy after leaving service. “The reduction in VGLI premiums will make life insurance even more affordable for Veterans,” said Acting Under Secretary for Benefits Thomas Murphy. “Offering our Veterans better rates for their l... -
FDIC Issues List of Banks Examined for CRA Compliance
Federal Deposit Insurance Corporation issues List of Banks Examined for CRA Compliance | site |
(Information contained in Federal Deposit Insurance Corporation press release dated: February 4, 2021)
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtain a consolidated list of all state nonme... -
Federal Deposit Insurance Corporation Announces Personnel Changes
Federal Deposit Insurance Corporation Announces Personnel Changes | site |
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: January 11, 2021)
The Federal Deposit Insurance Corporation (FDIC) has made several personnel changes in its Division of Risk Management Supervision (RMS) and Division of Depositor and Consumer Protection (DCP).
Atlanta Regional Director
John P. Henrie has been appointed Regional Director, Atlanta Region, directing both RMS and DCP supervision programs for institutions in Florida, Georgia, Alabama, South Carolina, North Carolina, Virginia, and West Virginia. Mr. Henrie has been with the FDIC for more than 33 years and has held a number of leadership positions within RMS, where he most recently served as Deputy Regional Director for the Atlanta Region and Acting Regional Director for the Chicago Region. He began his FDIC career as a bank examiner in the Conc... -
Federal Deposit Insurance Corporation Issues List of Banks Examined for Community Reinvestment Act Compliance
Federal Deposit Insurance Corporation Issues List of Banks Examined for Community Reinvestment Act Compliance | site |
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: January 4, 2021)
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtai... -
FDIC Makes Public November Enforcement Actions
Federal Deposit Insurance Corporation Makes Public November Enforcement Actions | site |
No Administrative Hearings Scheduled for January 2021
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: December 28, 2020) The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2021. The FDIC issued 10 orders in November 2020. The administrative enforcement actions in those orders consisted of two civil money penalties, one removal order, two terminations of consent orders, one termination of an order for restitution, one termination of a supervisory prompt corrective action directive and four Section 19 applications. To view orders, adjudicated decisions and notices and the administrative hearing details online, please visit the FDIC’s W... -
Federal Deposit Insurance Corporation Issues List of Banks Examined for Community Reinvestment Act Compliance
Federal Deposit Insurance Corporation issues List of Banks Examined for Community Reinvestment Act Compliance | site |
(Information contained in Federal Deposit Insurance Corporation press release: December 4, 2020) The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in September 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtain a ... -
Federal Reserve Board announces Members of its Insurance Policy Advisory Committee
Federal Reserve Board announces Members of its Insurance Policy Advisory Committee | site |
(Information contained in Board of Governors of the Federal Reserve System press release: December 3, 2020) The Federal Reserve Board on Thursday announced seven members, including three new members, of its Insurance Policy Advisory Committee, or IPAC. The members will serve three-year terms beginning in 2021. The IPAC, which was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, provides information, advice, and recommendations to the Board on domestic and international insurance issues. This year, the inaugural IPAC members began serving staggered terms ranging from one to three years, and four have been selected to serve three-year terms beginning next year. Additionally, three new members will also start three-year terms next year. IPAC members have expertise in life insurance, property and casualty insurance, and reinsuranc... -
CMS publishes Medicaid and Children’s Health Insurance Program Managed Care Final Rule Fact Sheet
Centers for Medicare and Medicaid Services publishes Medicaid and Children’s Health Insurance Program Managed Care Final Rule Fact Sheet | site |
(November 9, 2020) - - On November 9, 2020 the Centers for Medicare and Medicaid Services (CMS) published the following:
Medicaid & Children’s Health Insurance Program (CHIP) Managed Care Final Rule - CMS-2408-F
Overview The announcement of the 2020 Medicaid & CHIP Managed Care final rule highlights the Trump Administration’s continued commitment to reduce administrative burden and cut red tape, support state flexibility, and promote transparency and innovation in the Medicaid and CHIP programs for the growing number of people in Medicaid and CHIP managed care. This final rule finalizes policies from the Notice of Proposed Rule Making issued in November 2018. Based on 2018 state Medicaid and CHIP enrollment data, eighty three percent, or around 66 million people, are enrolled in... -
Federal Housing Administration proposes Private Flood Insurance Option for Single Family Mortgages
Federal Housing Administration proposes Private Flood Insurance Option for Single Family Mortgages | site |
(November 10, 2020) - - In a press release dated November 10, 2020, the U.S. Department of Housing and Urban Development (HUD) published the following information:
WASHINGTON - The Federal Housing Administration (FHA) today published a proposed rule on its website that highlights a proposal to allow a private flood insurance option instead of insurance through the National Flood Insurance Program (NFIP), when flood insurance is required by FHA. The proposed changes would allow lenders to begin accepting private flood insurance policies for single family insured loans for homes located in Federal Emergency Management Agency-designated Special Flood Hazard Areas (SFHAs), consistent with similar provisions in use by other industry participants. “Our proposal would expand the options for obtaining flood insurance, rather than continuing to lock...
-
Agencies Release Revised Interagency Questions and Answers regarding Flood Insurance| site |
Information contained in Board of Governors of the Federal Reserve System press release dated: May 11, 2022
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Five federal regulatory agencies today jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies' implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years. The Q&As cover a broad range of technical flood insurance topics, including the escrow ...05-13-2022, 09:49 PM -
U.S. Department of Labor awards $20 Million in Funding to Help Workers Overcome Barriers to Equitable Access to States' Unemployment Insurance Systems | site |
Indiana, Kentucky, Utah, Washington round out 3rd set of grant recipients
Information contained in U.S. Department of Labor press release dated: May 2, 2022
Washington - - To improve the delivery of unemployment insurance services to people faced with obstacles to accessing state systems and benefits, the U.S. Department of Labor today announced the award of more than $20 million in equity grant funding to state unemployment insurance systems in Indiana, Kentucky, Utah and Washington.
Administered by the department’s Employment and Training Administration, the grants will fund projects that seek to ensure race, age, ethnicity, language proficiency, disability status, geographic location or other systemic barriers do not prevent those in need from accessing...05-05-2022, 01:45 PM -
Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022 | site |
Information contained in Board of Governors press release dated: March 25, 2022 The Federal Reserve Board announced on Friday that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board. The Board extended the comment period to allow parties additional time to prepare comments. Originally, comments were due by April 5, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or that has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and...04-04-2022, 10:13 PM -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter with Secretary of the Department of Labor Martin J. Walsh to Congressional Leaders on Unemployment Insurance | site |
(Information contained in U.S. Department of the Treasury press release dated: August 19, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen and Secretary of the Department of Labor Martin J. Walsh sent a letter to Senate Finance Committee Chairman Wyden and House Ways and Means Committee Chairman Neal on the expiration of emergency unemployment insurance.
The full text of the letter is available here and below. Dear Chairman Wyden and Chairman Neal: We write on behalf of President Biden with an update on the steps our Departments are taking in advance of the expiration of emergency unemployment insurance (UI) programs on September 6, 2021. As you know, these programs were first enacted in the CARES Act, and were extended...08-20-2021, 06:40 AM -
U.S. Department of Labor issues Guidance to States to permit greater flexibility for Waiving the recovery of certain Unemployment Insurance Overpayments | site |
(Information contained in U.S. Department of Labor press release dated: May 5, 2021)
Washington, DC - - The U.S. Department of Labor’s Employment and Training Administration today issued an Unemployment Insurance Program Letter that provides states with guidance on addressing unemployment insurance benefit overpayments established by states for programs authorized by the Coronavirus Aid, Relief, and Economic Security Act. An overpayment occurs when a state finds an individual received a payment or payments to which they are not entitled.
The guidance includes the following updates on the CARES Act unemployment benefit programs:- States may choose to waive recovery of overpayments under certain circumstances when an individual is not at fault. This includes circumstances
05-07-2021, 01:20 AM -
Agencies release Proposed new Interagency Questions and Answers regarding Private Flood Insurance | site |
(Information contained in Board of Governors of the Federal Reserve System press release dated: March 11, 2021)
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Washington - - Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance. The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The proposal incorporates new questions and answers in a number of areas including:- Mandatory
03-13-2021, 10:30 PM -
Premium Reductions coming to Enrollees of Veterans’ Group Life Insurance | site |
(Information contained in U.S. Department of Veterans Affairs press release dated: March 1, 2021)
Washington - - All Veterans insured under Veterans’ Group Life Insurance (VGLI) will receive a reduction in premiums effective April 1, ensuring that VGLI remains a cost effective option for Veterans and transitioning uniform service members who choose Department of Veterans Affairs (VA) insurance products.
Premiums for VGLI will be reduced by an average of 7% across all age groups — allowing separating service members to continue their Servicemembers’ Group Life Insurance coverage level as a renewable term insurance policy after leaving service. “The reduction in VGLI premiums will make life insurance even more affordable for Veterans,” said Acting Under Secretary for Benefits Thomas Murphy. “Offering our Veterans better rates for their l...03-05-2021, 08:49 PM -
Federal Deposit Insurance Corporation issues List of Banks Examined for CRA Compliance | site |
(Information contained in Federal Deposit Insurance Corporation press release dated: February 4, 2021)
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtain a consolidated list of all state nonme...02-09-2021, 10:59 AM -
Federal Deposit Insurance Corporation Announces Personnel Changes | site |
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: January 11, 2021)
The Federal Deposit Insurance Corporation (FDIC) has made several personnel changes in its Division of Risk Management Supervision (RMS) and Division of Depositor and Consumer Protection (DCP).
Atlanta Regional Director
John P. Henrie has been appointed Regional Director, Atlanta Region, directing both RMS and DCP supervision programs for institutions in Florida, Georgia, Alabama, South Carolina, North Carolina, Virginia, and West Virginia. Mr. Henrie has been with the FDIC for more than 33 years and has held a number of leadership positions within RMS, where he most recently served as Deputy Regional Director for the Atlanta Region and Acting Regional Director for the Chicago Region. He began his FDIC career as a bank examiner in the Conc...01-18-2021, 10:52 PM -
Federal Deposit Insurance Corporation Issues List of Banks Examined for Community Reinvestment Act Compliance | site |
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: January 4, 2021)
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtai...01-04-2021, 10:24 PM -
Federal Deposit Insurance Corporation Makes Public November Enforcement Actions | site |
No Administrative Hearings Scheduled for January 2021
(Information contained in Federal Deposit Insurance Corporation [FDIC] press release dated: December 28, 2020) The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2021. The FDIC issued 10 orders in November 2020. The administrative enforcement actions in those orders consisted of two civil money penalties, one removal order, two terminations of consent orders, one termination of an order for restitution, one termination of a supervisory prompt corrective action directive and four Section 19 applications. To view orders, adjudicated decisions and notices and the administrative hearing details online, please visit the FDIC’s W...12-29-2020, 07:03 AM -
Federal Deposit Insurance Corporation issues List of Banks Examined for Community Reinvestment Act Compliance | site |
(Information contained in Federal Deposit Insurance Corporation press release: December 4, 2020) The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in September 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. You may obtain a ...12-05-2020, 11:34 PM -
Federal Reserve Board announces Members of its Insurance Policy Advisory Committee | site |
(Information contained in Board of Governors of the Federal Reserve System press release: December 3, 2020) The Federal Reserve Board on Thursday announced seven members, including three new members, of its Insurance Policy Advisory Committee, or IPAC. The members will serve three-year terms beginning in 2021. The IPAC, which was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, provides information, advice, and recommendations to the Board on domestic and international insurance issues. This year, the inaugural IPAC members began serving staggered terms ranging from one to three years, and four have been selected to serve three-year terms beginning next year. Additionally, three new members will also start three-year terms next year. IPAC members have expertise in life insurance, property and casualty insurance, and reinsuranc...12-04-2020, 03:08 AM -
Centers for Medicare and Medicaid Services publishes Medicaid and Children’s Health Insurance Program Managed Care Final Rule Fact Sheet | site |
(November 9, 2020) - - On November 9, 2020 the Centers for Medicare and Medicaid Services (CMS) published the following:
Medicaid & Children’s Health Insurance Program (CHIP) Managed Care Final Rule - CMS-2408-F
Overview The announcement of the 2020 Medicaid & CHIP Managed Care final rule highlights the Trump Administration’s continued commitment to reduce administrative burden and cut red tape, support state flexibility, and promote transparency and innovation in the Medicaid and CHIP programs for the growing number of people in Medicaid and CHIP managed care. This final rule finalizes policies from the Notice of Proposed Rule Making issued in November 2018. Based on 2018 state Medicaid and CHIP enrollment data, eighty three percent, or around 66 million people, are enrolled in...11-16-2020, 01:32 AM -
Federal Housing Administration proposes Private Flood Insurance Option for Single Family Mortgages | site |
(November 10, 2020) - - In a press release dated November 10, 2020, the U.S. Department of Housing and Urban Development (HUD) published the following information:
WASHINGTON - The Federal Housing Administration (FHA) today published a proposed rule on its website that highlights a proposal to allow a private flood insurance option instead of insurance through the National Flood Insurance Program (NFIP), when flood insurance is required by FHA. The proposed changes would allow lenders to begin accepting private flood insurance policies for single family insured loans for homes located in Federal Emergency Management Agency-designated Special Flood Hazard Areas (SFHAs), consistent with similar provisions in use by other industry participants. “Our proposal would expand the options for obtaining flood insurance, rather than continuing to lock...11-12-2020, 03:37 PM -
CMS Statement on Health Insurance Exchange Open Enrollment Extension| site |
(December 16, 2019) - - Today (December 16, 2019), the Centers for Medicare and Medicaid Services (CMS) published the following information:
CMS Statement on Health Insurance Exchange Open Enrollment Extension
“CMS’s primary goal is to provide a seamless Open Enrollment experience for HealthCare.gov consumers and ensure that those Americans who want coverage offered through the Exchange can enroll in a plan. In an abundance of caution, to accommodate consumers who attempted to enroll in coverage during the final hours of Open Enrollment but who may have experienced issues, starting at 3:00PM EST today, December 16 we are extending the deadline to sign up for January 1 coverage until 3:00AM EST December 18. This additional time will give consumers the opportunity to come back and complete their enrollment for January 1 coverage. While the website...12-19-2019, 08:29 AM -
Federal Reserve Board announces Inaugural 21 Members of the Insurance Policy Advisory Committee| site |
(October 16, 2019) - - Today (October 16, 2019), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday announced the inaugural 21 members of the Insurance Policy Advisory Committee (IPAC). The IPAC provides information, advice, and recommendations to the Federal Reserve Board on domestic and international insurance issues, including negotiations at the International Association of Insurance Supervisors (IAIS). The inaugural IPAC members include expertise in life insurance, property and casualty insurance, and reinsurance. Members have professional backgrounds in insurance accounting, actuarial science, academia, insurance regulation, policyholder advocacy, capital markets, and other areas. The inaugural IPAC members will serve staggered terms ranging from one to three years. Starting n...10-31-2019, 11:51 PM -
Federal Reserve Board invites Public Comment on Proposal to Establish Capital Requirements for Certain Insurance Companies supervised by the Board| site |
(September 6, 2019) - - Today (September 6, 2019), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday invited public comment on a proposal to establish capital requirements for certain insurance companies supervised by the Board. The proposal builds on existing state-based insurance standards, while also establishing minimum capital requirements that are specific to the business of insurance. Under the proposed framework, known as the Building Block Approach (BBA), holding companies significantly engaged in insurance activities would be required to aggregate their state-based capital requirements into a consolidated requirement. The proposal would establish both minimum requirements and a buffer on top of the minimum. The BBA accounts for risk...09-11-2019, 07:57 PM -
Federal Deposit Insurance Corporation Releases 2018 Version of Money Smart for Adults
(November 14, 2018) - - Today, the Federal Deposit Insurance Corporation (FDIC) published the following information: The FDIC today released the 2018 version of its popular instructor-led Money Smart for Adults financial education curriculum. Instructors can use the fully scripted materials with minimal preparation to deliver unbiased, relevant, and accurate financial education. "The FDIC's Money Smart for Adults helps people gain the knowledge, confidence, and skills to use banks more effectively and manage their finances. And it gives banks a valuable tool to build deeper relationships with their customers," said FDIC Chairman Jelena McWilliams. The 2018 version of Money Smart for Adults fully replaces the previous version, which was released in 2010. Features of the 2018 version of Money Smart for Adults i...11-15-2018, 10:17 PM -
Trump Administration Issues Final Rules Protecting Conscience Rights in Health Insurance
(November 7, 2018) - - The U.S. Department of Health and Human Services (HHS) published (today) the following information:
Today, the Departments of Health and Human Services, Treasury, and Labor released two final rules to provide conscience protections for Americans who have a religious or moral objection to health insurance that covers contraception methods. Under the Affordable Care Act, employer-provided health insurance plans are required to cover certain “preventative services” – which were defined through guidance by the Obama Administration as including all contraception methods approved by the Food and Drug Administration, including methods viewed by many as abortifacients, and sterilization procedures. In October 2017, the Trump Administration issued two interim final rules...11-10-2018, 04:09 AM -
U.S. Securities and Exchange Commission Proposes Disclosure Improvements for Variable Annuities and Variable Life Insurance Contracts
Washington, DC - - (October 30, 2018) - - The Securities and Exchange Commission today announced that it has voted to propose rule changes designed to improve disclosure for investors about variable annuities and variable life insurance contracts. The proposal is intended to help investors better understand these contracts' features, fees, and risks, and to more easily find the information that they need to make an informed investment decision. "This proposal is another important step in the Commission's efforts to provide Main Street investors with better information to make informed investment decisions. I have participated in many roundtables with retail investors over the last several months, and investors have emphasized their preference for clear and c...10-31-2018, 02:02 AM -
Protecting Yourself Against Losses Due to Floods
By Clarence William Page
High Point, NC - - (October 19, 2018) - - I have had many careers (including those of Property and Casualty Insurance Agent; Property and Casualty Insurance Agents Manager; Property and Casualty Insurance Instructor; Property and Casualty Insurance Broker; and Property and Casualty Insurance Brokerage Firm CEO and Chairman of the Board). I am no longer licensed to practice in the insurance industry and thus do not seek to give any advice that requires licensure. Here is how I decide whether or not I need flood insurance: 1. I closely examine the area in which I live. If it is low-lying or located near a body of water I buy flood insurance (whether or not I am in a designated flood zone). 2. I inquire of the local municipalities concerning the potential for flooding (sometimes they are helpful, sometimes they are not...10-19-2018, 03:28 AM -
Federal Deposit Insurance Corporation Enhances Tool to Prevent Elder Financial Exploitation
(October 15, 2018) - - The Federal Deposit Insurance Corporation (FDIC) today announced the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. The curriculum also includes information to help older adults plan for a secure financial future and make informed financial decisions.
Money Smart for Older Adults was developed jointly by the FDIC and the Bureau of Consumer Financial Protection (Bureau) to provide an instructor-led training module that can be used by trusted individuals who serve the older adult population. Instructors often include...10-18-2018, 08:04 AM -
Federal Deposit Insurance Corporation Releases Report on Small Business Lending Survey
(October 1, 2018) - - The Federal Deposit Insurance Corporation (FDIC) today published a report on the findings of its Small Business Lending Survey, which collected data on how banks conduct their lending to small businesses. The report found that banks of different sizes approach small business lending differently, but that, overall, relationships are important for both small and large banks. Small banks, defined in the report as those with assets of less than $10 billion, are more likely to focus on relationship-based practices to conduct small business lending. Large banks, those with assets of $10 billion or more, are more likely to rely on transaction-based methods. However, both small and large banks place importance on relationships with their small business borrowers, and small business le...10-06-2018, 06:53 PM -
Federal Deposit Insurance Corporation Makes Public August Enforcement Actions
No Administrative Hearings Scheduled for October 2018
(September 28, 2018) - - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. There are no administrative hearings scheduled for October 2018.
The FDIC issued a total of 17 orders, including one issued in July, and one notice. The administrative enforcement actions in those orders consisted of five Section 19 orders; four removal and prohibition orders; two civil money penalties; six terminations of consent orders; three terminations of orders for restitution; and one notice.
To view orders, adjudicated decisions and notices online, please visit the FDIC's Web page by clicking the link below.
August...10-01-2018, 09:32 AM -
FEMA’s National Flood Insurance Program Speeds Recovery
FEMA says advanced payments of $5,000 available to policyholders
Washington, DC - - (September 20, 2018) - - FEMA’s National Flood Insurance Program (NFIP) is supporting policyholders impacted by the devastating flooding following Hurricane Florence. To help speed recovery, the NFIP is allowing advanced payments to policyholders on their flood insurance claims. When a policyholder contacts their insurer, the policyholder can receive an advance payment of up to $5,000 on a flood claim, without an adjuster visit or additional documentation. Additionally, a policyholder who provides evidence of damage to their insured property in the form of photos or videos, receipts validating out-of-pocket expenses related to flood loss, or a contractor’s itemized estimate, can receive up to $20,000 in advanced payments. ...09-21-2018, 11:36 AM -
Federal Deposit Insurance Corporation Publishes 25th Anniversary Special Edition of Consumer Newsletter
(August 3, 2018) - - FDIC Consumer News, the newsletter published quarterly by the Federal Deposit Insurance Corporation since the fall of 1993, is celebrating its 25th anniversary with a special expanded edition featuring updated versions of 25 of our more popular articles. A lot has changed in banking and financial services in the last 25 years. For example, the FDIC deposit insurance limit increased from $100,000 to $250,000 and consumers who used to bank at branches now enjoy internet banking at home and mobile banking by smartphone from virtually anywhere. Even so, many of the core concepts on matters such as saving, borrowing money, and avoiding fraud and theft remain generally the same. The new guide, entitled "25 Years of Tips You Can Bank On: Time-Tested Strategies ...08-14-2018, 10:17 AM -
Federal Deposit Insurance Corporation Issues List of Banks Examined for CRA Compliance
(August 3, 2018) - - The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in May 2018. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. A consolidated list of all state nonmember banks whose evaluations have been made publicly...08-08-2018, 09:01 AM -
U.S. Health and Human Services Secretary Azar Praises Trump Administration Expansion of Health Insurance Options
(June 19, 2018) - - HHS Secretary Alex Azar issued the following statement regarding the Department of Labor’s release of a final rule on the regulation of Association/Small Business Health Plans:
“This action by the Trump Administration will give more Americans access to affordable, high-quality health insurance coverage. Allowing small businesses and individuals to band together to offer new options is especially important because access to health insurance for employees of small businesses has narrowed over the years, including under the Affordable Care Act. We look forward to leading continued work across the Trump Administration to open up more options for affordable, accessible, private health coverage.”
Courtesy: U.S. Department...06-19-2018, 09:43 PM -
Jelena McWilliams Sworn in as the 21st Chairman of the Federal Deposit Insurance Corporation
(June 5, 2018) - - Jelena McWilliams was sworn in today as the 21st Chairman of the Federal Deposit Insurance Corporation (FDIC). She succeeds Martin J. Gruenberg, who has served on the FDIC Board since August 22, 2005, as Vice Chairman and Acting Chairman before becoming Chairman on November 29, 2012. "It is an honor and a privilege to join the FDIC as Chairman," said Chairman McWilliams. "I look forward to working closely with my fellow Board members and counterparts at other regulatory agencies." "I would like to thank Martin Gruenberg for his service, dedication, and leadership during his nearly 13 years at the FDIC," said Chairman McWilliams. Prior to joining the FDIC Board, Ms. McWilliams was executive vice president, chief legal officer, and corporate secretary for Fifth Third Bank, Cin...06-18-2018, 03:59 AM -
Federal Deposit Insurance Corporation Hosts Use of Technology in the Business of Banking Forum in Arlington, Virginia
(April 12, 2018) - - The Federal Deposit Insurance Corporation (FDIC) will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including new and innovative delivery channels, enhanced customer experiences, and economic inclusion; and consumer financial data access—balancing rights and security. The forum will bring together representatives of banks that use or are considering using emerging technologies, firms offering emerging technologies, bank trade associations, and federal and state financial regulatory agencies, as well as thought leaders on the use of technology in the business of...04-13-2018, 08:48 PM -
Centers for Medicare & Medicaid Services Issues Proposed Rule to Increase Patients’ Health Insurance Choices for 2018
March 1, 2017
(February 15, 2017) - - The Centers for Medicare & Medicaid Services (CMS) today issued a proposed rule for 2018, which proposes new reforms that are critical to stabilizing the individual and small group health insurance markets to help protect patients. This proposed rule would make changes to special enrollment periods, the annual open enrollment period, guaranteed availability, network adequacy rules, essential community providers, and actuarial value requirements; and announces upcoming changes to the qualified health plan certification timeline. “Americans participating in the individual health insurance markets deserve as many health insurance options as possible,” said Dr. Patrick Conway, Acting Administrator of the Centers for Medicare & Medicaid Services. “This proposal will take steps ...03-01-2017, 12:44 AM -
Unemployment Insurance Weekly Claims
February 10, 2017
Washington, DC - - (February 9, 2017) - - The following is an excerpt of the U.S. Department of Labor's unemploment insurance weekly claims data:
SEASONALLY ADJUSTED DATA
In the week ending February 4, the advance figure for seasonally adjusted initial claims was 234,000, a decrease of 12,000 from the previous week's unrevised level of 246,000. The 4-week moving average was 244,250, a decrease of 3,750 from the previous week's unrevised average of 248,000. This is the lowest level for this average since November 3, 1973 when it was 244,000.
The advance seasonally adjusted insured unemployment rate was 1.5 percent for the week ending January 28, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 28 was 2,078,000, an increase of 15,000...02-10-2017, 09:13 AM -
Unemployment Insurance Weekly Claims
Seasonally Adjusted Data
January 30, 2017
Editor's note: This is a partial statement published by the U.S. Department of Labor
Washington, DC - - (January 26, 2017)
In the week ending January 21, the advance figure for seasonally adjusted initial claims was 259,000, an increase of 22,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 234,000 to 237,000. The 4-week moving average was 245,500, a decrease of 2,000 from the previous week's revised average. This is the lowest level for this average since November 3, 1973 when it was 244,000. The previous week's average was revised up by 750 from 246,750 to 247,500.
The advance seasonally adjusted insured unemployment rate was 1.5 percent for the week ending January 14, unchanged from the previous week's...01-30-2017, 09:17 PM -
National Flood Insurance Program Reaches New Heights Statewide Following 2016 Floods
January 14, 2017
Baton Rouge, LA - - (January 9, 2017) - - The National Flood Insurance Program (NFIP) in Louisiana has spiked to more than 480,000 active policies following the March and August floods. That’s an increase of more than 35,000 policies.
NFIP had the largest monthly increase of more than 20,000 policies from August to September last year. Ascension, East Baton Rouge and Livingston Parishes received the most damage from the 2016 floods and now account for more than 62,000 NFIP policies.
In Louisiana, polices in 2015 dropped to approximately 454,000. In 2014, the number of active NFIP policyholders topped 472,000. In 2013 and 2012, the number of policies in effect remained at more than 483,000.
More than 50 percent of structures flooded in August were located in low-and moderate-risk areas....01-14-2017, 08:40 PM