Financial Stability Oversight Council

• Treasury Refuses to Give Timetable on Systemically Important Non-Bank Designations

  By Elizabeth Festa, PropertyCasualty360.com  |  May 21, 2013

  The Financial Stability Oversight Council expects to vote on proposed designations of an initial set of nonbank financial companies in the near term, according to Treasury Secretary Jacob Lew in prepared testimony today before the Senate Banking Committee.

• FSOC to Meet; Nears Designation of Nonbank SiFi

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth D. Festa, PropertyCasualty360.com  |  April 24, 2013

  The Financial Stability Oversight Council will meet Thursday amid signs that the first designation of an insurer as systemically significant is imminent.

• Treasury Undersecretary: No More Bailouts, Regardless of Size

  By Arthur D. Postal, PropertyCasualty360.com  |  April 19, 2013

  There will be no more bailouts of financial institutions, a top official of the Obama administration says in what appears to be an attempt to pre-empt Republican efforts to water down the Dodd-Frank Act.

• Fed Issues Final Rule for Nonbank Supervision

  By Elizabeth D. Festa  |  April 4, 2013

  The Federal Reserve Board announced its approval of a final rule that defines the terms "significant nonbank financial company" and "significant bank holding company."

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  Congressman Presses McRaith, FIO on Key IAIS Initiatives

  By Elizabeth Festa, PropertyCasualty360.com  |  March 27, 2013

  Congress is taking one of its first steps toward oversight of Federal Insurance Office activities by questioning the FIO's stance on key international insurance regulatory proposals.

• Lawmakers Want More Transparency from FSOC

  By Reuters  |  March 15, 2013

  U.S. lawmakers on Thursday pressed a new financial risk council to release more details about closed-door meetings, saying the public needs to know more about what regulators are doing to prevent the next financial crisis.

• FSOC Finalizing SIFI Designations; Former FDIC Chair Says Delays Show 'Lack of Spine'

  By Elizabeth Festa, PropertyCasualty360.com  |  March 4, 2013

  The Financial Stability Oversight Council is in the final stages of evaluating an initial set of nonbank financial companies for potential designation as SIFIs, or systemically important financial institutions, according to remarks made today by Mary Miller, U.S. Treasury Under Secretary for Domestic Finance.

• Lew Confirmation Could Clear Way for Delayed Federal Insurance Initiatives

  By Elizabeth Festa, PropertyCasualty360.com, Arthur D. Postal, PropertyCasualty360.com  |  February 28, 2013

  The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several insurance-related issues, including the release of a long-delayed report on insurance-regulation modernization.

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  AIG’s Benmosche Says Higher Capital Standards Necessary

  By Arthur D. Postal  |  February 22, 2013

  The CEO of AIG, Robert Benmosche, put himself at odds with critics within the financial services industry and Congress opposed to higher capital standards when he said they are justified given the 2008 financial crisis.

• House Financial Services Committee Tells FIO to Pick Up the Pace on Insurance Reports

  By Elizabeth Festa, PropertyCasualty360.com  |  February 15, 2013

  The House Financial Services Committee is urging the Federal Insurance Office to submit several “long overdue reports without further delay.”

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  Fed Siding with Banks in AIG Lawsuit Against BofA

  By Arthur D. Postal, PropertyCasualty360.com  |  January 17, 2013

  American International Group and the Federal Reserve Bank of New York (FRBNY) are at odds concerning whether the insurer has authority to sue banks over virtually worthless mortgages they sold that drove AIG to seek a federal bailout.

• Industry Outlines Opposition to Global Risk Label

  By Elizabeth Festa, PropertyCasualty360.com  |  December 18, 2012

  Insurance groups and CEOs are bristling against the global designation of insurers as Global Systemically Important Insurers by the Financial Stability Board, an action expected in or near the first quarter of 2013.

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  Rebuilding Year: Top 10 Stories of 2012

  By PC360 Staff  |  December 13, 2012

  In sports terms, 2012 has been what one could call a rebuilding year, as P&C carriers looked to recover from a disastrous 2011 and a string of heavy losses. For many carriers, 2012 was a time to totally reappraise their roster of risks, which meant both exploring new lines of...

• AIG’s SIFI Designation Delayed

  By Arthur D. Postal and Elizabeth D. Festa  |  December 13, 2012

  The Financial Stability Oversight Council is holding off designating American International Group as a systemically important financial institution, perhaps into next year, according to several sources.

• ‘Rebuilding Year’: The Top 10 Stories of 2012

  By Staff Writer  |  December 13, 2012

  In sports terms, 2012 has been what one could call a rebuilding year, as P&C carriers looked to recover from a disastrous 2011 and a string of heavy losses. For many carriers, 2012 was a time to totally reappraise their roster of risks, which meant both exploring new lines of...

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  Treasury to Sell Remaining AIG Shares and Profit from Investment

  By Arthur D. Postal, PropertyCasualty360.com  |  December 11, 2012

  The Treasury Department is selling today its remaining 16 percent of American International Group common shares, putting an end to the government’s 50-month shotgun financial tryst with the global insurer.