The Federal Reserve appears to be reiterating that it will use “bank-centric” standards opposed by the insurance industry in regulating insurance companies that operate thrifts—although some industry trade groups are disputing that interpretation.
Fed chairman Ben Bernanke said the Fed must use bank-centric standards “to meet the legal requirement” imposed by the Dodd-Frank financial-services reforms, which directs the Fed to apply consolidated capital requirements to savings and loan holding companies.
Bernanke's views were made in a letter sent to 24 senators Feb. 6.
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