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IBM and SPSS Inc. have announced they have entered into a definitive merger agreement for IBM to acquire SPSS in an all cash transaction.

Technology vendor offerings for the policy administration sector that were limited in 2007 have become commonplace today, according to a consulting firm report.

An influential U.S. lawmaker on July 27 urged the financial services industry to support efforts to strengthen the financial system or risk losing influence over the outcome of the debate.

The Federal Deposit Insurance Corp. argued July 24 for limits on the Consumer Financial Protection Agency to protect consumers from risky financial products and warned against stripping consumer protection duties from bank regulators.

The New York State Insurance Department and the China Insurance Regulatory Commission have signed a memorandum of understanding, it was announced.

U.S. property and casualty insurers intend to invest in claims technology over the next two years, mostly to ensure customer satisfaction, according to a Towers Perrin survey of claim officers.

Community bankers point out that they didn't cause the current crisis. They say they shouldn't be forced to shoulder new rules because larger firms that embraced complex financial derivatives and abusive lending practices wrecked the system.