Genworth waiting on S&L approval

While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators. The company yesterday said that the Office of Thrift Supervision is still processing its application to become a savings and loan, which would make it eligible to receive money from the $700 billion federal bailout. Yesterday was the deadline for federal bank regulators to finish processing any holding company or thrift applications for companies wanting to participate in the capital repurchase program. Genworth filed its savings and loan holding company application with the Washington-based regulator Nov. 16. Last month, it reached an agreement with InterBank FSB of Maple Grove, Minn., to buy up the bank if it is approved to participate in the CPP. Genworth's application is pending, according to OTS spokesman William Ruberry. He would not divulge any details on the timing of when the regulator would decide the insurer's fate.