Regulatory Updates

Georgia Gov. Brian Kemp announced an historic appointment in naming Doraville Police Chief and Brigadier General John King the next Georgia Insurance Commissioner and Safety Fire Commissioner. King is the first Hispanic insurance commissioner and statewide constitutional officer. Read on for more details.

Florida Chief Finanical Officer Jimmy Patronis called for the resignation of Office of Financial Regulation Commissioner Ronald Rubin after hearing the Inspector General’s preliminary findings of recent allegations of sexual harassment. Read on for more details.

The Federal Trade Commission has agreed to extend by 60 days the deadline for the public to submit comments on proposed changes to the Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program.

Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell announced that Justin Herring will be appointed Executive Deputy Superintendent of the Department’s newly created Cybersecurity Division. The new division, which will focus on protecting consumers and industries from cyber threats, is the first of its kind to be established at a banking or insurance regulator. Read on for more details.

The city of Baltimore announced it processed 42 applications for property deeds during the first day of a manual workaround designed to allow real estate transactions to proceed during the city’s technology outage.

Real estate transactions in Baltimore, which had come to a halt after the city’s systems were hit by ransomware on May 7, were set to begin again on May 20, thanks to a manual workaround developed by the city. Mayor Bernard C. “Jack” Young announced the workaround, as well as a general update on Baltimore’s technology outage. Read on for more details.

The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

Days after being indicted on charges of wire fraud, mail fraud and money laundering, Georgia Insurance Commissioner Jim Beck requested suspension from the department. Gov. Brian Kemp signed an executive order suspending Beck that day. Read on for more details.

Georgia Insurance Commissioner Jim C. Beck has been indicted by a federal grand jury on charges of wire fraud, mail fraud and money laundering. The 38-count indictment alleges that Beck stole more than $2 million from his former employer, the Georgia Underwriting Association, during the five years just prior to Beck’s election to statewide office in November 2018. Read on for more details.

Pennsylvania Auditor General Eugene DePasquale said that the York County Recorder of Deeds office could not explain the account balance of more than $2.14 million held in an escrow fund. Read on for more details.