LRA Updates

REGULATORY DEVELOPMENTS Potential Bank Regulatory Response to Signature and Silicon Valley Bank Failures On March 28 and 29 Michael Barr, Federal Reserve Vice Chair for Supervision, testified in House and Senate committee hearings on the failure of Silicon Valley Bank (Written Testimony). Silicon Valley Bank was a state member bank with the Federal Reserve as…

REGULATORY DEVELOPMENTS NAIC Releases Draft Model Law for Insurance On February 1 the NAIC Privacy Protections Working Group released a draft of a new model law (Model Law #674). This Draft Model Law seeks to establish standards for the collection, processing, retaining, and sharing of consumers’ personal information by licensees. It also sets forth standards…

We did not identify any subjects warranting coverage in our monthly LRA Update.

LEGISLATIVE DEVELOPMENTS Consolidated Appropriations Act Enacted On December 29 President Biden signed H.R. 2617, the “Consolidated Appropriations Act, 2023” into law. This omnibus legislation included consolidated appropriations for the fiscal year ending September 30, 2023, additional support for the situation in Ukraine, and various other provisions. The legislation also included a package of reforms referred…

INSURANACE DEVELOPMENTS ACLI Update on Life Insurance and Annuity Benefits in 2021 On November 28 the American Council of Life Insurers (ACLI) released its 2022 Life Insurers Fact Book. Highlights include

REGULATORY DEVELOPMENTS FRB and FDIC Proposed Rule for Large Bank Resolution Requirements On October 14 the FRB and FDIC released a jointly developed advance notice of proposed rulemaking (ANPR) to enhance regulators’ ability to resolve large banks. In particular, the ANPR solicits public input regarding whether an extra layer of loss-absorbing capacity could improve optionality…

REGULATORY DEVELOPMENTS Banking Regulators Reaffirm Commitment to Basel III Standards On September 9 the US banking regulators issued press releases reaffirming their intent to implement enhanced regulatory capital requirements that align with the final set of “Basel III” standards issued by the Basel Committee on Banking Supervision in December 2017 (OCC, FRB, and FDIC). The…

LEGISLATIVE DEVELOPMENTS Inflation Reduction Act of 2022 On August 16 President Biden signed the Inflation Reduction Act of 2022 into law. The new law is expected to raise approximately $472 billion to pay for deficit reduction, clean energy and climate investments. It includes $369 billion for investments in climate and energy policies and $64 billion…

LEGISLATIVE DEVELOPMENTS Inflation Reduction Act of 2022 On July 27 Senate Majority Leader, Charles Schumer (D-NY) announced a deal with Senator Joe Manchin (D-WV) to pursue legislation through the Budget Reconciliation process that was established in 2021. The new effort (smaller than the prior Build Back Better legislation) is now being referred to as the…

TAX DEVELOPMENTS Biden Tax Policy Update News reports on June 29 indicate that Senate Majority Leader, Chuck Schumer (D-NY), and Senator Joe Manchin (D-WV) have made progress in private negotiations to revive aspects of the Biden Administration’s Build Back Better legislation. According to a Bloomberg article, the two are close to agreeing on an overall…