Removal of Transferred OTS Regulations Regarding Consumer Protection in Sales of Insurance and Amendments to FDIC Consumer Protection in Sales of Insurance Regulation

概要

In this notice of proposed rulemaking, the Federal Deposit Insurance Corporation ("FDIC") proposes to rescind and remove from the Code of Federal Regulations the subpart entitled "Consumer Protection in Sales of Insurance" ("the subpart") that was included in the regulations transferred to the FDIC from the Office of Thrift Supervision ("OTS") on July 21, 2011 in connection with the implementation of applicable provisions of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). The requirements for State savings associations in this subpart are substantively similar to the requirements in the FDIC's part which is also entitled "Consumer Protection in Sales of Insurance" ("the part") and is applicable for all insured depository institutions ("IDIs") for which the FDIC has been designated the appropriate Federal banking agency. The FDIC proposes to rescind in its entirety the subpart and to modify the scope of the part to include State savings associations and their subsidiaries to conform to and reflect the scope of the FDIC's current supervisory responsibilities as the appropriate Federal banking agency. The FDIC also proposes to define "FDI