Sources close to the Federal Insurance Office (FIO) seem to have gotten the impression that Director Michael McRaith was going to make sure that an insurance industry modernization report would be issued by the end of January 2012. It wasn't.
The post financial crisis Dodd-Frank Act, which created the FIO, required the Office to deliver the modernization report within 18 months of the law's enactment on July 21, 2010. That made the deadline Jan. 21, 2012, according to a Federal Reserve timeline that can be seen by clicking here. Perhaps FIO observers expressing pleasure at any pre-February issue of the report had decided to cut Director McRaith some slack owing to his not having been appointed until seven months after Dodd-Frank was passed.
Whatever the case, the FIO's late report can be added to a long list of broken Dodd-Frank deadlines