Genworth waiting on S&L approval

While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
JAN 16, 2009
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators. The company yesterday said that the Office of Thrift Supervision is still processing its application to become a savings and loan, which would make it eligible to receive money from the $700 billion federal bailout. Yesterday was the deadline for federal bank regulators to finish processing any holding company or thrift applications for companies wanting to participate in the capital repurchase program. Genworth filed its savings and loan holding company application with the Washington-based regulator Nov. 16. Last month, it reached an agreement with InterBank FSB of Maple Grove, Minn., to buy up the bank if it is approved to participate in the CPP. Genworth's application is pending, according to OTS spokesman William Ruberry. He would not divulge any details on the timing of when the regulator would decide the insurer's fate.

Latest News

Osaic names new CMO and Empowered Independence head
Osaic names new CMO and Empowered Independence head

Former PulteGroup and Citizens executives join the broker-dealer network after a year of senior leadership departures

RIA moves: Prospera lands $600M Cornerstone team in Rochester
RIA moves: Prospera lands $600M Cornerstone team in Rochester

Independent RIA Concurrent adds over $1B across six moves, while OnePoint BFG opens West Palm Beach with a $240M team

Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse
Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse

The mega-RIA keeps absorbing independent fiduciary firms as Cerulli data shows the fee-only segment losing asset share

Alternatives need a standard liquidity disclosure, not more access
Alternatives need a standard liquidity disclosure, not more access

This year's rush for the exits in private credit showed why investors must understand lockup periods before they weigh the return potential

Mercer Advisors snaps up AI-native tax firm Fifteenth in tech-forward deal
Mercer Advisors snaps up AI-native tax firm Fifteenth in tech-forward deal

Mercer adds specialized equity compensation tech and Big Four tax talent as UHNW demand for integrated tax planning intensifies.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor