Description
Explains the Interagency Consumer Protections in Sales of Insurance (ICP) rule and Interagency Guidance on the Sale of Non-Deposit Investment Products, which address the retail sale, solicitation, and advertising insurance products and non-deposit investment products to consumers. Explains bank requirements that help customers understand risks associated with non-FDIC insured investment products, including sales practices and disclosures, and includes a description of FDIC signage requirements so customers understand when bank products are not FDIC insured. This course also covers bank anti-tying rules, the law against banks conditioning availability or price of one product on the customer obtaining another product and important exceptions to this prohibition.
What You’ll Learn
After completing this course, students will be able to:
- Explain bank requirements that help customers understand risks associated with non-FDIC insured investment products, including sales practices and disclosures
- Describe how banks inform customers that insurance and annuity products are not FDIC or otherwise insured
- Explain prohibited practices, such as conditioning loans on insurance and annuity purchases and misrepresenting product risks
- Describe FDIC signage requirements so customers understand when bank products are not FDIC insured
- Describe the law against banks conditioning availability or price of one product on the customer obtaining another product and important exceptions to this prohibition
