Financial Modernization: Hearings Before the Committee on Banking and Financial Services, House of Representatives, One Hundred Fifth Congress, First Session

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Página 398 - Congress specifically delegated to the states the responsibility to regulate the business of insurance. The McCarran-Ferguson Act of 1945, 15 USC § 1012(a), states in part: "The business of insurance, and every person engaged therein, shall be subject to the laws of the several States which relate to the regulation or taxation of such business." So, Rhode Island and all other states have the authority, and a duty, to adopt and enforce laws relating to the business of insurance, regardless of the...
Página 202 - Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the National Credit Union Administration, and make recommendations to promote uniformity in the supervision of these financial institutions.
Página 414 - States any such association located and doing business in any place the population of which does not exceed five thousand inhabitants, as shown by the last preceding decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company...
Página 111 - SEC, as well as other federal financial regulators, such as the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Página 215 - Reports, its other publications and from noncommercial contributions, grants and fees. In addition to reports on Consumers Union's own product testing, Consumer Reports...
Página 178 - Community Reinvestment Act of 1977". SEC. 802. (a) The Congress finds that— (1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered...
Página 339 - ENTERPRISES of the COMMITTEE ON BANKING AND FINANCIAL SERVICES of the US HOUSE OF REPRESENTATIVES...
Página 8 - Mr. Chairman, that concludes my testimony. I would be pleased to answer any questions that the committee might have.
Página 510 - Board shall, to the fullest extent possible, limit the focus and scope of any examination of a bank holding company to — (i) the bank holding company; and (ii) any subsidiary of the bank holding company that could have a materially adverse effect on the safety and soundness of any depository institution subsidiary of the holding company due to — (I) the size, condition, or activities of the subsidiary; or (II) the nature or size of transactions between the subsidiary and any depository institution...
Página 308 - ... affiliate are federally insured. Finally, there is the danger that the business and operating relationship will cause the courts to "pierce the corporate veil" — that is, to hold the insured entity responsible for the debts of a subsidiary or affiliate in the event the subsidiary or affiliate fails. Sections 23A and 23B of the Federal Reserve Act place certain restrictions on transactions between banks and their affiliates. These restrictions are intended to safeguard the resources of federally...

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