February 7, 2009 |
Insurance regulators from across the country were scrambling yesterday to address a growing threat to insurance companies and the consumers who depend on them. As the industry's financial condition deteriorates, many companies have asked their home-state regulators for permission to change the way they measure and report their financial strength. Some regulators have expressed a willingness to grant it. The requests have been pouring in since the National Association of Insurance Commissioners last week rejected the insurance...
August 5, 2009 |
The nation's banking regulators are defying pressure from the Obama administration to line up in support of key proposed reforms, testifying before Congress on Tuesday that elements of the plan would actually weaken oversight of the financial industry. Treasury Secretary Timothy F. Geithner summoned the heads of half a dozen agencies for a caustic scolding Friday and told them they were interfering unacceptably in a political process, according to people familiar with the meeting.
March 21, 2011
Lloyd Eby's March 19 letter, " There's no such thing as disinterested regulators, " argued that governmental regulation cannot be "disinterested" since every regulation "is set up for and in support of some interest, and every regulator has an interest in whatever he or she is doing. " This is akin to suggesting that we should not have criminal laws because police officers "might be self-interested" in their jobs and might be bad guys to boot. But we nonetheless have police officers enforce the laws...
November 21, 2012
Regarding George F. Will's Nov. 18 op-ed column, " Regulators above the law ": Mr. Will's support for "judicial dismantling" of the Consumer Financial Protection Bureau (CFPB) suggests an unwillingness to recognize an imperative that once resulted, to the nation's great benefit, in the creation in 1913 of the bureau's parent organization, the Federal Reserve System, as an entity likewise independent of Congress. No such organization can function in the shadow of a Congress that would hound it to impotence with every conceivable objection.
November 23, 2008 |
When Countrywide Financial felt pressured by federal agencies charged with overseeing it, executives at the giant mortgage lender simply switched regulators in the spring of 2007. The benefits were clear: Countrywide's new regulator, the Office of Thrift Supervision, promised more flexible oversight of issues related to the bank's mortgage lending. For OTS, which depends on fees paid by banks it regulates and competes with other regulators to land the largest financial firms, Countrywide was a lucrative catch.
March 27, 2009 |
One of the nation's chief bank regulators has been placed on leave pending the results of an investigation into his agency's role in allowing several banks to falsify financial statements. The Office of Thrift Supervision announced the sudden replacement of Scott Polakoff as acting director yesterday evening. The agency is a unit of the Treasury Department that regulates banks focused on mortgage lending. Polakoff was removed while the department reviews findings by its inspector general...