Posts by Maria Dadonova

REGULATORY DEVELOPMENTS Executive Order Directing Banking Regulators to Remove Use of Reputational Risk from Examining Process On August 7 President Trump issued an executive order (“Guaranteeing Fair Banking for All Americans”). Among other points, the order makes the claim that banking regulators have at times used influence over regulated banks to direct and/or encourage “politized…

REGULATORY DEVELOPMENTS Industry Response to Proposed Modifications to Enhanced Supplementary Leverage Ratio Standards As covered in our June LRA Update, banking regulators recently released and sought comment on a proposal to modify the Enhanced Supplementary Leverage Ratio (eSLR) standards. A key objective of the proposed changes is to reduce disincentives for large banking organizations from…

JUDICIAL DEVELOPMENTS PHL Variable – Court Sets Hearing on Moratorium Changes On July 29 the Connecticut Superior Court scheduled a hearing for October 21 to consider modifying the current moratorium on access to certain benefits owed by PHL Variable. The modification is expected to offer universal life policyholders two additional options instead of continuing to…

TAX DEVELOPMENTS Tax Reform Update On July 1 the Senate passed H.R. 1 – “One Big, Beautiful Bill” Act via a 51-50 vote (with Vice President Vance casting the tie-breaking vote). While the Senate version incorporated changes relative to the version passed by the House, the legislation does not include any tax provisions that relate…

TAX DEVELOPMENTS Tax Reform Update On May 22 the US House of Representatives passed the One Big Beautiful Bill Act (H.R. 1) by a single vote margin. Upon review of the legislation, we have not observed any provisions that are directly impactful to the BOLI/COLI industry. Advocacy groups including the ACLI and Finseca have expressed…

TAX DEVELOPMENTS House Ways and Means May Soon Vote on Tax Bill On April 24 Ways and Means Committee Chaiman Jason Smith (MO) and Tax Subcommittee Chairman Mike Kelly (PA) announced the formation of ten Committee Tax Teams to study key tax provisions from the 2017 Trump tax cuts that are set to expire. On…