About Ameriprise Financial

Ameriprise Financial, Inc. (Ameriprise), through its subsidiaries, operates as a financial services company. The company provides solutions to help clients confidently achieve their financial objectives. The company is a long-standing leader in financial planning and advice offering a broad range of products and services designed to assist individual and institutional clients achieve their financial objectives. The company's strategy is centered on helping clients confidently achieve their goals by providing holistic advice and by managing and protecting their assets and income. The company utilizes two go-to-market approaches in carrying out this strategy: Wealth Management and Asset Management. Wealth Management Advice & Wealth Management business is the primary growth engine of Ameriprise with a significant market opportunity. The company is in a compelling position to capitalize on significant demographic and market trends driving increased demand for financial advice and solutions. In the U.S., the ongoing transition of baby boomers into retirement, as well as younger generations building their wealth and planning for retirement, continues to drive demand for financial advice and solutions. The company's primary target market is households with $500,000 to $5,000,000 in investable assets, and it is also well-suited to serve those outside this asset range. The amount of investable assets held by investors grew at an 8% compound annual growth rate between 2016 and 2022. The company also offers products and services targeted to higher-net worth households. The company is an industry-leading wealth manager with a differentiated advice value proposition. The company's network of more than 10,000 financial advisors (advisors) is the primary channel through which it carries out its wealth management activities. The company's capabilities are centered on establishing long-term personal relationships between clients and advisors. Through its affiliated advisors, the company offers financial planning and advice, cash management and banking products, and full-service brokerage services, primarily to retail clients. The company designs products and services as solutions for clients' cash and liquidity, asset accumulation, income, retirement, protection, income generation and disbursement and estate and wealth transfer needs. The financial solutions the company offers through its advisors include its own products and services, as well as other providers' products. The company distributes its life and disability income insurance, as well as annuity products, through its advisor channel. The company's advisor force is among the largest in the industry and is central to how it serves its clients. The company supports its advisors with an integrated technology platform, training, leadership and marketing programs to assist them in serving their clients and growing their practices. The company's nationally recognized brand combined with these programs and other support creates a compelling value proposition for financial advisors relative to the broader financial services industry. This is evidenced by the company's strong advisor retention and satisfaction and its ability to attract and retain experienced and productive advisors. The company's continuously invest in, develop, and refine capabilities and tools designed to maximize advisor productivity and client satisfaction. Asset Management The company's global asset management business, represented by the Columbia Threadneedle Investments brand, offers a broad spectrum of capabilities to individual, institutional and high net worth investors. In November 2021, the company purchased the BMO Global Asset Management (EMEA) business and subsequently re-branded the business. Columbia Threadneedle investment products are primarily offered through third parties, though it also provides its asset management products through its advisor network, direct retail and through its institutional sales force. The company's underlying asset management philosophy is rooted in delivering consistently strong, competitive investment performance. The quality and breadth of the company's asset management capabilities are demonstrated by its strong investment performance. The company is positioned to grow its assets under management and strengthen its asset management offerings to existing and new clients. The company's asset management capabilities are designed to address mature markets in the U.S. and Europe as well as expanding into new global and emerging markets. The company has expanded beyond its traditional strengths in the U.S. and the United Kingdom (U.K.) to serve more clients and gather assets worldwide. The company continues to pursue opportunities to leverage the collective capabilities of its global asset management business in order to enhance its investment solutions and to develop new solutions that are responsive to client demand in an increasingly complex and competitive marketplace. Shifting Business Mix and Integrated Model The company operates through Advice & Wealth Management; Asset Management; and Retirement & Protection Solutions segments. As a diversified financial services firm, the company's ability to gather and retain assets is best measured by its aggregate assets under management and administration metric. The company continues to execute on its strategy to grow its Wealth Management business with complementary Asset Management and Retirement & Protection Solutions businesses. Principal Brands The company's diversified products and services are offered through its brands: Ameriprise Financial: The company uses the Ameriprise Financial brand as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services. Columbia Threadneedle Investments: The company's global Columbia Threadneedle and Columbia Threadneedle Investments brands represent the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC (including its subsidiaries, Columbia Management), other U.S.-based entities and Threadneedle. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) and their respective subsidiaries (collectively, Threadneedle). The company uses its RiverSource brand for its annuity and protection products issued by RiverSource Life Insurance Company (RiverSource Life) and RiverSource Life Insurance Co. of New York (RiverSource Life of NY and, together with RiverSource Life, the RiverSource Life companies or RiverSource). Segments - Advice & Wealth Management The company provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through its financial advisors. These services are centered on long-term, personal relationships between the company's advisors and its clients and focus on helping clients confidently achieve their financial goals. The company's financial advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals. Banking, lending and cash management solutions help clients establish financial flexibility while planning for both short and long- term needs. As part of its goal-based approach to financial advice, the company's advisors help clients actively manage investing, saving and spending so they have a more complete picture of their financial life. A significant portion of revenues in this segment are fee-based and driven by the level of client assets, which is impacted by both market movements and net flows. The company also earns revenue and income through other sources, including the following: The company earns net investment income on owned assets from Ameriprise Certificate Company and Ameriprise Bank, both wholly owned subsidiaries of Ameriprise. The company earns financial planning fees as well as transaction and other fees. The company earns distribution fees for providing non-affiliated products and intersegment revenues for providing its affiliated products and services to its retail clients. Intersegment expenses for this segment include investment management services provided by its Asset Management segment. Financial Advisor Platform With more than 10,000 advisors, the company is one of the top branded advisor platforms in the U.S. market. Advisors can choose to affiliate with the company in multiple ways as noted below, and each option offers different levels of support and compensation. The company offers the following products and services through its Advice & Wealth Management segment: Financial planning and advice services to provide personalized financial planning and financial solutions for which the company charges fees and may receive sales commissions for selling products that aid in its clients' plans. Discretionary and non-discretionary investment advisory accounts for which the company receives fees based on the assets held in that account, as well as related fees or costs associated with the underlying securities held in that account. Brokerage products and services for retail and institutional clients. Cash management and banking products, including brokerage sweep programs, cash management accounts, savings accounts, credit cards, margin loans and pledged asset lines of credit. Face-amount certificates through the Ameriprise Certificate Company, a wholly owned subsidiary. Mutual fund offerings from the company's own Columbia funds as well as approximately 135 unaffiliated mutual fund families, representing approximately 2,150 mutual funds on its brokerage platform for which mutual fund families and other companies generally pay it a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to its clients' ownership in the fund. Insurance and annuities products from both RiverSource Life companies, as well as certain third parties, and the company receives a portion of the revenue generated from the sale of unaffiliated products and certain administrative fees. Segments - Asset Management Through Columbia Threadneedle, the company provides investment management, advice and products to retail, high net worth and institutional clients on a global scale. Columbia Management primarily provides products and services in the United States. Threadneedle, including BMO Global Asset Management (EMEA) business which the company acquired in 2021, primarily provides products and services internationally. Additional subsidiaries beyond Columbia Management and Threadneedle are also included in the company's Asset Management segment. Revenues in the Asset Management segment are primarily earned based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. The company may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. Asset Management segment also provides asset management services for Ameriprise Financial subsidiaries. The fees for such services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by the company's Advice & Wealth Management, Retirement & Protection Solutions, and Corporate & Other segments. Managed assets include external client assets and owned assets. Managed external client assets include client assets for which the company provides investment management services, such as the assets of the Columbia Threadneedle Investments fund families and the assets of institutional clients. Managed external client assets also include assets managed by sub-advisers it selects but do not include client assets that it advises on a non-discretionary basis, such as those assets where it provides voting recommendations and engagement services. Investment Management Capabilities and Products The company's investment management business has a presence in 17 key markets globally with investment offices in seven countries, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S. The company's investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client needs with its $637 billion in assets under management diversified across geographies, strategies and clients. The company offers or makes available the following products and services through its Asset Management segment with a range of investment strategies across these different vehicles and accounts: The U.S. registered funds through the Columbia Management family of funds, including retail mutual funds, exchange-traded funds and U.S. closed-end funds and variable insurance trust funds (VIT Funds) on which the company earns management fees based on the underlying value of the assets and service fees. Non-U.S. retail focused funds through Columbia Threadneedle include different risk-return options across regions, markets, asset classes and product structures, which include retail funds that are similar to U.S. mutual funds (such as Undertakings for the Collective Investment in Transferable Securities (UCITS) funds organized as Luxembourg-based investment companies with variable capital (SICAVs) and Irish and U.K. open-end investment companies (OEICs)). In addition, this also includes a range of listed Investment Trusts, including F&C Investment Trust PLC established in 1868. European-based pooled investment funds designed for pensions, insurance companies and other institutional investors seeking solutions for liability or balance sheet asset management (Liability Driven Investment or LDI). Institutional and retail separately managed accounts for a range of clients, including pension, profit-sharing, employee savings, sovereign wealth funds and endowment funds, accounts of large- and medium-sized businesses and governmental clients, as well as the accounts of high net worth individuals and smaller institutional clients, including tax-exempt and not-for-profit organizations for which the company receives management and performance-related fees. Other separately managed accounts, including those offered through models that represent assets under advisement. Management of owned assets, such as assets held in the general account of the company's RiverSource Life companies, Ameriprise Certificate Company and Ameriprise Bank. Management of CLOs, which includes providing collateral management services to special purpose vehicles that primarily invest in syndicated bank loans and issue multiple tranches of securities collateralized by the assets for which the company earns fees based on the value of assets and performance-based fees. Private funds of various types where the company provides investment management and related services to private, pooled investment vehicles organized as limited partnerships, limited liability companies, or other entities for which it may receive fees based on the value of the assets or performance-based fees. Collective funds and separately managed accounts sponsored by Ameriprise Trust Company (ATC) and offered to certain qualified institutional clients such as retirement, pension, and profit-sharing plans for which the company receives management fees. Sub-advised accounts for certain U.S. and non-U.S. funds, private banking individually managed accounts, common trust funds, and other portfolios sponsored or advised by other firms for which the company earns management fees and possibly performance-based fees. Distribution The company maintains distribution teams and capabilities that aid the sales, marketing, and support of the products and services of its global asset management business. These distribution activities are generally organized into two major categories: retail distribution and institutional/high net worth distribution. However, alternatives and certain other areas have a level of specialized distribution. Segments - Retirement & Protection Solutions RiverSource solutions are one way the company delivers on the Ameriprise client experience and Confident Retirement approach. The company offers clients annuities, life insurance and disability income insurance products to meet their needs or current stage in life-whether that is covering essentials, ensuring lifestyle, preparing for the unexpected or leaving a legacy. RiverSource seeks to partner with its advisors to address clients' goals and long-term needs at a differentiated level and provide a strong risk profile. Retirement Solutions Through its advisors, the company provides RiverSource annuity products to clients to help individuals address their asset accumulation and income goals. The company's advisor network is the only distributor of new RiverSource annuity products, although advisors offer fixed, variable, and structured annuities from selected unaffiliated insurers. As part of the continued evolution of the business model for its Retirement & Protection Solutions segment, the company focuses on the accumulation solutions clients want (such as the structured variable annuity, a registered index-linked annuity). Revenues for the company's variable annuity products are primarily earned as fees based on a contract holder's benefit base, contract value or separate account values, which is impacted by both market movements and net asset flows. The company also earns net investment income on general account assets supporting reserves for non-life contingent payout annuities, structured variable annuities, certain guaranteed benefits and fixed investment options offered with variable annuities, and on capital supporting the business. In addition, the company receives fees charged on assets allocated to its separate accounts to cover administrative costs and a portion of the management fees from the underlying investment accounts in which assets are invested. Revenues for the company's payout annuities with a life contingent feature are earned as premium revenue. Intersegment revenues for this segment reflect fees paid by its Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds. Intersegment expenses for this segment include distribution expenses for services provided by its Advice & Wealth Management segment, as well as expenses for investment management services provided by its Asset Management segment. Protection The company provides life and disability income insurance products to address the protection and risk management needs of its retail clients. New RiverSource insurance products are exclusively offered through the company's advisor network. The company's advisors also offer insurance products of unaffiliated carriers. The primary sources of revenues for the company's protection business are premiums, fees and charges it receives to assume insurance-related risk. The company earns net investment income on owned assets supporting insurance reserves and on capital supporting the business. The company also receives fees based on the level of the RiverSource Life companies' separate account assets supporting variable universal life investment options. The protection products earn intersegment revenues from fees paid by its Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the variable universal life contracts. Intersegment expenses for the protection products include distribution expenses for services provided by the company's Advice & Wealth Management segment, as well as expenses for investment management services provided by its Asset Management segment. Products Through the RiverSource Life companies, the company offers the following products: Variable annuities provide returns linked to underlying investments of the contractholder's choice of certain funds, as well as additional benefits, such as guaranteed minimum death benefits (but without living benefits for new sales after mid-2022). Structured variable annuities use the performance of an underlying equity market index to determine earnings, subject to either a cap or floor. Variable universal life insurance provides life insurance coverage along with investment returns linked to underlying investment accounts of the policyholder's choice. Universal life insurance credits interest at fixed interest rates. Universal life insurance may also contain product features that credit interest at a rate linked to an underlying equity market index. Term life insurance provides a death benefit, but it does not accumulate cash value. Disability income insurance provides monthly benefits to individuals who are unable to earn income either at their occupation at time of disability or at any suitable occupation for premium payments that are guaranteed not to change. The company's sales of RiverSource individual life insurance in 2023, as measured by scheduled annual premiums, lump sum and excess premiums and single premiums, consisted of approximately 95% variable universal life, 2% universal life and 3% term life. Reinsurance The company reinsures a portion of the insurance risks associated with its offered life and disability income products (as well as previously sold fixed annuity, fixed indexed annuity, life contingent payout annuity and long term care products) through reinsurance agreements with unaffiliated reinsurance companies. The company uses reinsurance to limit losses, reduce exposure to large risks and provide additional capacity for continued product offerings. To manage exposure to losses from reinsurer insolvencies, the company evaluates the financial condition of reinsurers prior to entering into new reinsurance treaties and on a periodic basis during the terms of the treaties. The company's RiverSource Life companies remain primarily liable as the direct insurers on all risks reinsured. Intellectual Property In the U.S. and other jurisdictions, the company has established and registered, or filed applications to register, certain trademarks and service marks that it considers important to the marketing of its products and services, including but not limited to the Ameriprise Financial, Threadneedle, RiverSource, Columbia Threadneedle and Columbia Threadneedle Investments brands. Regulation Certain of the company's subsidiaries are registered with the SEC as broker-dealers under the Securities Exchange Act of 1934 (Exchange Act) and with certain states, the District of Columbia and other U.S. territories. The company's broker-dealer subsidiaries are also members of self-regulatory organizations, including Financial Industry Regulatory Authority (FINRA), and are subject to the regulations of these organizations. The company's broker-dealer subsidiaries, as well as its financial advisors and other personnel, must obtain all required state and FINRA licenses and registrations to engage in the securities business and take certain steps to maintain such registrations in good standing. SEC regulations also impose notice requirements and capital limitations on the payment of dividends by a broker-dealer to a parent, and they have proposed regulations regarding cybersecurity programs and the public reporting of incidents impacting broker-dealers like ours. The company's financial advisors are representatives of a dual registrant, meaning it is registered both as an investment adviser under the Investment Advisers Act of 1940 (Advisers Act) and as a broker-dealer. The company's advisors are subject to various regulations that impact how they operate their practices, including those related to supervision, sales methods, trading practices, information security, record-keeping and financial reporting. In addition, because its independent contractor advisor platform is structured as a franchise system, it is also subject to Federal Trade Commission and state franchise requirements. Other agencies, exchanges and self-regulatory organizations of which certain of the company's broker-dealer subsidiaries are members, and subject to applicable rules and regulations of, include the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). Certain of the company's asset management subsidiaries are registered as investment advisers under the Advisers Act and are subject to regulation by the SEC. The Advisers Act imposes numerous obligations on registered investment advisers, including fiduciary duties, disclosure obligations and record-keeping, and operational and marketing restrictions. The company's registered investment advisers may also be subject to certain obligations of the Investment Company Act based on their status as investment advisers to U.S. registered investment companies that it, or third parties, sponsor. As noted earlier, the company continues to see enhanced legislative and regulatory interest regarding financial services in the U.S. through rules, regulatory priorities or general discussion. Many aspects of the regulation that applies to its Advice & Wealth Management segment also apply to the company's Asset Management segment. For example, Columbia Management Investment Distributors, Inc. is registered as a broker-dealer for the limited purpose of acting as the principal underwriter and distributor for Columbia Management funds and other products. Additionally, the Employee Retirement Income Security Act of 1974, as amended (ERISA), the SEC's best interest standards, state and other fiduciary or best interest rules, as well as other similar standards and any rulemaking from the DOL would be relevant to its global asset management business. In addition, certain of the company's asset management subsidiaries are registered with the CFTC as a commodity trading advisor and commodity pool operator and is also members of the NFA. In this regard, it is subject to additional registration and reporting requirements with respect to certain registered investment companies and other pooled vehicles that use or trade in futures, swaps and other derivatives that are subject to CFTC regulation. Outside of the U.S., Columbia Threadneedle is authorized to conduct its financial services business in the U.K. under the Financial Services and Markets Act 2000. A number of legal entities in the Columbia Threadneedle business are regulated by the Financial Conduct Authority (FCA) and one entity in the Columbia Threadneedle business is also regulated by the Prudential Regulation Authority (PRA). The company's U.K. asset management business must comply with local EU and country requirements as a non-EU firm, which includes leveraging its various EU-based affiliated entities (such as those in Luxembourg and the Netherlands) to provide services and marketing to EU clients and investors. The company continues to actively monitor the political activity around Brexit, including with respect to the continued permissibility of the delegation of asset management services from the EU to non-EU countries, such as the U.S. and U.K. The company has an established fund range domiciled in Luxembourg (both UCITS and Alternative Investment Funds), Ireland and the Netherlands, along with Luxembourg-based and Netherlands-based affiliated management companies. Certain of the company's asset management subsidiaries and branches are required to comply with pan-European directives as issued by the European Commission and adopted by EU member states. Certain of these directives have impacted and will continue to impact the company's global asset management business. For example, certain of the company's asset management subsidiaries are required to comply with the Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR), Alternative Investment Fund Managers Directive (AIFMD), European Market Infrastructure Regulation (EMIR) , UCITS and the Sustainable Finance Disclosure Regulation (SFDR) and the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs). Ameriprise Certificate Company is regulated as an investment company under the Investment Company Act. As a registered investment company, Ameriprise Certificate Company must observe certain governance, disclosure, record-keeping, operational and marketing requirements. Ameriprise Certificate Company pays dividends to the parent company and is subject to capital requirements under applicable law and understandings with the SEC and the Minnesota Department of Commerce (Banking Division). Ameriprise Trust Company is primarily regulated by the Minnesota Department of Commerce (Banking Division) and is subject to capital adequacy requirements under Minnesota law. It is prohibited from accepting deposits or making personal or commercial loans. As a provider of products and services to tax-qualified retirement plans and IRAs, certain aspects of its business, including the activities of the company's trust company, fall within the compliance oversight of the DOL and the Department of Treasury, particularly regarding the enforcement of ERISA, and the tax reporting requirements applicable to such accounts. Ameriprise Trust Company, as well as the company's investment adviser subsidiaries, may be subject to ERISA, and the regulations thereunder, insofar as they act as a fiduciary under ERISA with respect to certain ERISA clients. The company's insurance subsidiaries are subject to supervision and regulation by states and other territories where they are domiciled or otherwise licensed to do business. These regulations impact the company's Retirement & Protection Solutions segment and its closed-blocks included in Corporate & Other segment. The primary purpose of this regulation and supervision is to protect the interests of contractholders and policyholders. In general, state insurance laws and regulations govern standards of solvency, capital requirements, the licensing of insurers and their agents, premium rates, policy forms, the nature of and limitations on investments, periodic reporting requirements and other matters. In addition, state regulators conduct periodic examinations into insurer market conduct and compliance with insurance and securities laws. RiverSource Life Insurance Company is domiciled in Minnesota and regulated by the Minnesota Department of Commerce (MN DOC) and RiverSource Life Insurance Co. of New York is domiciled in New York and regulated by the New York State Department of Financial Services (NY DFS), together with MN DOC the Domiciliary Regulators. In addition to being regulated by their Domiciliary Regulators, the company's RiverSource Life companies are regulated by each of the insurance regulators in the states where each is authorized to transact business. Financial regulation of the company's RiverSource Life companies is extensive, and their financial transactions (such as intercompany dividends and investment activity) may be subject to pre-approval and/or continuing evaluation by the Domiciliary Regulators. Aspects of the regulation applicable to its Advice & Wealth Management segment also apply to its Retirement & Protection Solutions segment and the closed blocks in the company's Corporate & Other segment. For example, RiverSource Distributors, Inc. is registered as a broker-dealer for the limited purpose of acting as the principal underwriter and/or distributor for the company's RiverSource annuities and insurance products sold through Ameriprise Financial Services, LLC (AFS) and third-party channels. Additionally, ERISA, the SEC's best interest standards, state and other fiduciary or best interest rules, as well as other similar standards and any rulemaking from the DOL are relevant to the company's insurance and annuities business or products. Each of its insurance subsidiaries is subject to risk-based capital (RBC) requirements designed to assess the adequacy of an insurance company's total adjusted capital in relation to its investment, insurance and other risks. As part of its Solvency Modernization Initiative, in 2010 the NAIC adopted revisions to its Insurance Holding Company System Regulatory Act (Holding Company Act) to enhance insurer group supervision and create a new Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act. The Holding Company Act revisions focus on the overall insurance holding company system, establish a framework of regulator supervisory colleges, enhancements to corporate governance, and require the annual filing of an Enterprise Risk Management Report. The ORSA Model Act requires that an insurer create and file, annually, its ORSA, which is a complete self-assessment of its risk management functions and capital adequacy. These laws were enacted by the Domiciliary Regulators. The company completes and files these reports as required by the laws and regulations of those states. Insurance regulation and supervision also goes beyond direct regulation of the company's insurance companies in other ways. And from time to time, the company must report other enterprise activities to its state insurance regulators (such as the NAIC's Liquidity Stress Testing Framework). Ameriprise Bank is subject to regulation by the OCC, which is the primary regulator of federal savings banks, the Consumer Financial Protection Bureau (CFPB) and by the Federal Deposit Insurance Corporation (FDIC) in its role as insurer of Ameriprise Bank's deposits. As a federally chartered savings bank, Ameriprise Bank is subject to numerous rules and regulations governing all aspects of the banking business, including lending practices and transactions with affiliates. Ameriprise Bank is also subject to specific capital rules and limits on capital distributions, including payment of dividends. If Ameriprise Bank's capital falls below certain levels, the OCC would be required to take remedial actions and could take other actions, including imposing further limits on dividends or business activities. In addition, an array of Community Reinvestment Act (CRA), fair lending and other consumer protection laws and regulations apply to Ameriprise Bank. As the controlling company of Ameriprise Bank, the company is a savings and loan holding company that is subject to regulation, supervision, and examination by the FRB. The company has elected to be classified as a financial holding company subject to applicable regulation under the Bank Holding Company Act of 1956 (the Bank Holding Company Act). Further, FRB regulation and supervisory oversight of the company includes examinations, regular financial reporting, and prudential standards, such as capital, liquidity risk management, and parameters for business conduct and internal governance. In order to maintain its status as a financial holding company, Ameriprise Bank, as the company's sole insured depository institution subsidiary, must remain well-capitalized and well-managed under applicable regulations, and must receive at least a satisfactory rating in its most recent examination under the CRA. The company is subject to what is commonly referred to as the Volcker Rule. The Volcker Rule prohibits banking entities, including Ameriprise and its affiliates, from engaging in certain proprietary trading activities, as defined in the Volcker Rule, subject to exemptions for underwriting, market-making-related activities, asset management, risk-mitigating hedging and certain other activities. The Volcker Rule also prohibits certain investments and relationships by banking entities with covered funds, with a number of exemptions and exclusions. It also requires banking entities to have comprehensive compliance programs reasonably designed to ensure and monitor compliance with the Volcker Rule. The company is a publicly traded company that is subject to SEC and New York Stock Exchange (NYSE) rules and regulations regarding public disclosure, financial reporting, internal controls and corporate governance. The adoption of the Sarbanes-Oxley Act of 2002 and the implementation of the Dodd-Frank Act significantly enhanced those rules and regulations. Many aspects of the company's business are subject to comprehensive legal requirements concerning the use and protection of personal information, including client and employee information, from a multitude of different functional regulators and law enforcement bodies. This includes rules adopted pursuant to the Gramm-Leach-Bliley Act, the Fair and Accurate Credit Transactions Act, the Health Insurance Portability and Accountability Act (HIPAA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, an ever increasing number of state laws and regulations such as the New York State Department of Financial Services' Cybersecurity Requirements for Financial Services Companies, and California privacy legislation, as recently amended, EU data protection legislation, known as the Global Data Protection Regulation (GDPR), as implemented in the respective EU member states, the U.K. Data Protection Act, 2018 and U.K. GDPR, and data protection rules in other regions in which the company operates outside the U.S. and the EU. History The company was founded in 1894. It was incorporated in 1983. The company was formerly known as American Express Financial Corporation and changed its name to Ameriprise Financial, Inc. in 2005.