During July 2010 congress passed a bill forcing further regulation upon the financial industry. Surety credit is considered an insurance product even though it is more similar to qualifying for a bank loan. Therefore, people were wondering if further regulation would be placed on the insurance industry as well. One new regulation on the insurance industry and more specifically the surety industry is the creation of the Federal Insurance Office (FIO). Its main functions are to analyze data on the insurance industry and collections agency This new office has little to any power to influence any state or federal regulations. Federal Oversight Stability Council was also created, which will be assisted by the FIO to further scrutinize the financial entities.
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