CFPB Director Chopra Issues Statement on Amended Deposit Insurance Fund Restoration Plan and Notice of Proposed Rulemaking Regarding Revised Deposit Insurance Assessment Rates
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One of the
The law requires the
I am voting in favor of shoring up the
Over the long term, I believe the Board should explore a new mechanism to automatically adjust premiums upward and downward based on economic conditions, rather than relying on ad-hoc actions. For example, calibrating assessment rates based on banking sector profitability, or a combination of metrics, is worth exploration. The Board should also evaluate the relative burden of assessments on banks of varying sizes, including whether the largest firms, especially global systemically important banks, should be paying a higher share of the assessments than they do today.
Regulators expect a bank board to actively monitor management's execution of the bank's objectives and require adjustments if warranted by changing conditions. That is sound governance. I am pleased we are demonstrating that we will hold ourselves to that same standard.
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Footnotes:
1/
2/ 12 U.S.C. 1817(b)(3)(B) and (E).
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