State Banking, Insurance Regulators to Meet
WASHINGTON-State insurance and banking regulators are joining forces to hammer out a procedure for handling consumer complaints about bank insurance sales.
A joint task force of the Conference of State Bank Supervisors and the National Association of Insurance Commissioners may meet here for the first time in January. Though the overarching goal is to improve communication, the regulators' "front-burner issue" will be hashing out jurisdictional issues on bank insurance sales, said Earl L. Manning, Missouri's commissioner of finance, on Monday.
"As more banks begin to sell insurance, we need to work out a system that allows the concerns of consumers to be addressed without regulators' falling over each other to determine who has jurisdiction," said Mr. Manning.
The task force will draft a nationwide agreement, perhaps as early as this summer, he said. Members of both associations will then vote on whether to adopt the agreement.--Olaf de Senerpont Domis
On-Line Banking Guide for Small Institutions
WASHINGTON-America's Community Bankers has published a guide to help small institutions launch Internet and home banking services. The 295-page book discusses how to cut expenses though electronic banking services, how to expand a customer base by cross-selling products on-line, and security measures necessary to protect transactions from crooks. Examination procedures for electronic banking operations are discussed explained. To order, call 202-857-3119; the book costs $49.95 for ACB members and $79.95 for nonmembers.--Bill McConnell