Sometimes, it puts us in an awkward position with competitive issues in the charter-approval process. After a charter is approved, we try to keep everyone under the same tent and work with them on common issues. Banks and other financial institutions, such as brokerage firms, are offering innovative money managing services, such as handling accounts receivable for small business owners, Deaver said. That s how banks got into the insurance business, he said. Insurance is regulated by the state.
Federal government regulates banking.
That was a conflict. But we had a great experience working out a good set of statutes last year with the state s insurance commissioner George Dale. Banks are not getting into the underwriting business, but are hiring agents to have financial products available for customers. Privacy issues have created a buzz in the banking business, Deaver said. There s an industry effort to work with regulators on privacy policies, he said.