* Federal Reserve Vice Chairman for Supervision Randal Quarles said the Community Reinvestment Act may need to be modernized as financial technology evolves.
* Cleveland Fed President Loretta Mester said the central bank should avoid overreacting to stronger inflation data, saying that mild and temporary overshoots of inflation "should not be a cause for concern."
* New York Fed President William Dudley said bank officials should face heavier penalties for wrongdoings as a stricter approach may help decrease risks to the financial system.
* Goldman Sachs is in talks to acquire a stake in India-based Royal Sundaram General Insurance, sources told Mint.
* Jelena McWilliams is expected to become the head of the FDIC as early as April, The Wall Street Journal reports.
* The U.S. Supreme Court denied Starr International's request for a review of the appeals court ruling that it lacked the standing to sue the U.S. over the bailout of American International Group during the financial crisis, Bloomberg News reports.
* Life and health insurers are pressing state regulators to hasten the process of setting long-term care rate increases on a nationwide basis.
* Property and casualty insurers and reinsurers reported net incurred catastrophe losses of $33.7 billion in 2017, compared to $12.9 billion in the prior year. The losses are largely related to Hurricanes Harvey, Irma and Maria, along with California wildfires, Fitch reports.
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