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In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal government’s oversight of the insurance industry in at least two ways. First, by regulating non-bank companies that own insurers, and, second, through HUD, scrutinizing homeowners insurers for discriminatory underwriting, rating, and claims practices.
A. The Federal Reserve May Again Supervise Non-Bank Companies Which Own Insurers
The federal Financial Stability Oversight Council, under the leadership of Treasury Secretary Yellen, will probably revive the Obama Administration view that large financial firms that own operating insurance companies are fit candidates for designation as “systemically important financial institutions,” whose solvency will ultimately be regulated by the Federal Reserve.
DUNMORE, Pa., Jan. 27, 2021 On January 27, 2021, the Board of Directors of FNCB Bancorp, Inc. (NASDAQ:FNCB) declared a dividend of $0.06 per share for the
Press release content from Business Wire. The AP news staff was not involved in its creation.
Black Voices for Black Justice Fund Announces Awards to 19 Black Activists Working to Advance Racial Justice
January 26, 2021 GMT
WASHINGTON (BUSINESS WIRE) Jan 26, 2021
In the wake of white supremacists attempting to overthrow the federal government and Black Americans continuing to be disproportionately affected by the pandemic and economy, a new racial justice fund is doubling down on its support of Black activists who are leading the urgent movement to build a fair, equitable, and anti-racist America.
Shemeka Frazier Sorrells (Photo: Business Wire)
After receiving over 600 nominations, the Black Voices for Black Justice Fund today announced its second round of awardees, focusing on Black leaders in Colorado, Georgia, North Carolina and Washington, DC. Each will receive $20,000 to use however they believe will do the most good in building an anti-racist America.
Central Pacific Financial Corp. Reports Fourth Quarter 2020 Quarterly And Annual Results
- Net income of $12.2 million, or $0.43 per diluted share for the fourth quarter, compared to net income of $6.9 million, or $0.24 per diluted share for the third quarter. Net income for the year was $37.3 million, or $1.32 per diluted share, compared to net income of $58.3 million, or $2.03 per diluted share in the previous year.
- The fourth quarter included nonrecurring expenses totaling $5.9 million primarily related to employee incentives and benefits, branch consolidation and other settlements.
- Allowance for credit losses to total loans ratio of 1.68% (or 1.83% excluding Paycheck Protection Program ( PPP ) loans) at December 31, 2020, compared to 1.60% (or 1.79% excluding PPP loans) at September 30, 2020.
REGULATORY UPDATES
SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising
On October 7, 2020, the Securities Exchange Commission (the “SEC”) proposed a conditional exemption from broker registration requirements for certain “finders” who assist issuers with raising capital in private markets. If adopted, the proposed exemption would permit natural persons to engage in certain limited activities involving accredited investors without registering with the SEC as brokers. The proposed exemption seeks to assist small businesses in raising capital and to provide regulatory clarity to investors, issuers, and the finders who assist them. The proposed exemption would establish guidelines for both registered broker activity and limited activity by finders that would be exempt from registration.