Large insurance and securities companies must prove they can fulfill customer protection and community lending obligations before launching thrifts, an industry regulator said Wednesday.

Ellen S. Seidman, the new director of the Office of Thrift Supervision, said regulators will make sure that big financial firms, several of which plan to offer banking products outside traditional branch networks, spell out how they will protect consumer privacy and meet Community Reinvestment Act requirements.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.