What follows is a list of insurers currently targeted by the Fed for additional oversight because they operate a thrift. While some of the companies on this list are seeking to shed their thrifts to avoid addtional federal regulation, others are willing to live with additional federal oversight.
According to federal regulators, the list of companies under scrutiny by the Fed is a “moving target,” and it is subject to change. But for now, here are the first 20 companies to come under the Fed’s spotlight. Who will be next? Only time will tell.
Thrift: AIG FSB (Wilton, CN)
Thrift: Ameriprise Bank FSB (Minneapolis, MN)
Insurer: Auto Club Insurance Association
Thrift: Auto Club Trust Bank FSB (Dearborn, MI)
Insurer: CICO Holding
Thrift: Colonial Savings Bank (Fort Worth, TX)
Note: The thrift and Colonial Life and Colonial Mortgage Insurance Co. are under common ownership, though the insurance companies do not directly own the thrift.
Insurer: Country Financial
Thrift: Country Trust Bank (Bloomington, IL)
Source: National Underwriter, SNL Financial
Photo credit: (AP Photo/Mark Lennihan, file)
Insurer: Northwestern Mutual
Thrift: NW Mutual Wealth Management Co. (Milwaukee, WI)
Thrift: MassMutual Trust Co. FSB (Springfield, MA)
Insurer: Donegal Mutual
Thrift: Union Comm Bank FSB (Marietta, PA)
Insurer: First American
Thrift: First American Trust FSB (Santa Ana, CA)
Thrift: TIAA-CREF Trust Co. FSB (St. Louis, MO)