|Joint Press Release||
Board of Governors of the Federal Reserve System|
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
|For Immediate Release
||February 28, 2005|
Federal Banking Agencies Issue Advisory on Confidentiality of Supervisory Ratings
The federal banking and thrift agencies today issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency.
Today's advisory is prompted by insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage.
As a result of actions by insurers, the agencies have requested the assistance of the National Association of Insurance Commissioners (NAIC) in notifying insurance companies that the practice of requesting or requiring CAMELS ratings should be discontinued.
The interagency statement is attached.
2005 Banking and consumer regulatory policy