Summary: | The FDIC is issuing the attached guidance on deposit placement and collection activities at FDIC-insured institutions and their affiliates. The guidance outlines steps depository institutions should take to avoid customer misunderstanding about deposit insurance coverage when the institutions enter into third-party arrangements to collect and place deposits. Failure to properly administer deposit collection practices in a manner that prevents customer confusion and complies with deposit insurance rules will be factored into the supervisory assessment of the institution and may result in enforcement actions and penalties pursuant to 12 U.S.C. 1828(a)(4). |
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Additional Related Topics:
- Deposit Insurance Rules
- Consumer Laws
- Consumer Alert: FDIC suggests steps for consumers when placing deposits at FDIC-insured banks through an agent, April 7, 2010