when did insurance companies get to give loans?

[onethatcares]

I keep seeing this State Farm commercial where two guys are stuck on a billboard that promotes their car loans.

I was waiting for the fuckers to jump, but as a spoiler I'll tell you they don't.

[msongs]

1. borrowing against your potential insurance payout is not new nt

[mick063]

2. Here is your answer

http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act


Three Republicans introduced it, Hillary's husband signed it.

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106–102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. The legislation was signed into law by President Bill Clinton.

[A HERETIC I AM]

7. He signed it against a veto-proof majority, FWIW. n/t

[Ruby the Liberal]

3. When they repealed Glass-Steagall

[DURHAM D]

4. I got a car loan through State Farm back in the 60s.

They called it a "bank plan".

[Hassin Bin Sober]

5. They do home loans and home equity loans.

They also do commercial real estate loans and sell CDs.

They were doing car loans when I was in that business in the '90s. They were a formidable competitor.

Home loans, not so much. I ask my customers if they want to trust their purchase transaction to an agent who "dabble" in home loans.

[galileoreloaded]

6. Bill Clinton also gave a signing pen to Sandy Weil. What a guy!! Nt