House Committee on Banking and Insurance Holds First Meeting
The House Committee on Banking and Insurance met to hear presentations from state agency heads. Commissioner of Insurance Michael Riley and Commissioner of the Division of Financial Institutions Sally Cline presented to and fielded questions from the delegates.
The main questions asked of Riley were about Workers’ Comp and if the implementation of the Affordable Care Act has affected the way they handle health insurance.
“Obviously this federal intervention was a landmark and a land shift in how the health industry is regulated,” Riley said. “We continue to regulate the carriers right here and you still have to get a license here, but the federal law and the ACA certainly has introduced a whole lot of new standards there. Our mission and objective is to work closely with the federal government to understand what those rules are so that we can communicate those to our citizens they can make good, sound decisions.”
As for Cline, one of the major points of her presentation was a need to focus less on the competition between US and European banks and more on helping community banks in wake of the federal legislation, the “Wall Street Reform and Consumer Protection Act,” nicknamed the “Dodd-Frank Act.”
“One of the things that Dodd-Frank did was create the Consumer Protection Financial Bureau, which is charged with examination for consumer protection of those banks greater that 50 billion dollars,” Cline said. “But, it also has rule-making authority to write new rules and regulations as it relates to consumer protection and those rules have a direct impact on community banks.”