Removal of Transferred OTS Regulations Regarding Consumer Protection in Sales of Insurance and Amendments to FDIC Consumer Protection in Sales of…
Removal of Transferred OTS Regulations Regarding Consumer Protection in Sales of Insurance and Amendments to FDIC Consumer Protection in Sales of Insurance Regulation
SUMMARY: In this notice of proposed rulemaking, the
The
Upon removal of the subpart, the Consumer Protection in Sales of Insurance, regulations applicable for all IDIs for which the
DATES: Comments must be received on or before
ADDRESSES: You may submit comments by any of the following methods:
* FDIC Web site: http://www.fdic.gov/regulations/laws/federal/propose.html. Follow instructions for submitting comments on the agency Web site.
* FDIC Email: [email protected]. Include RIN #3064-AE49 on the subject line of the message.
* FDIC Mail:
* Hand Delivery to
Please include your name, affiliation, address, email address, and telephone number(s) in your comment. Where appropriate, comments should include a short Executive Summary consisting of no more than five single-spaced pages. All statements received, including attachments and other supporting materials, are part of the public record and are subject to public disclosure. You should submit only information that you wish to make publicly available.
Please note: All comments received will be posted generally without change to http://www.fdic.gov/regulations/laws/federal/propose.html, including any personal information provided. Paper copies of public comments may be requested from the
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION: The Dodd-Frank Act /1/ provided for a substantial reorganization of the regulation of State and Federal savings associations and their holding companies. Beginning
FOOTNOTE 1 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010) (codified at 12 U.S.C. 5301 et seq.). END FOOTNOTE
Section 316(c) of the Dodd-Frank Act, codified at 12 U.S.C. 5414(c), further directed the
FOOTNOTE 2 76 FR 39247 (
Although section 312(b)(2)(B)(i)(II) of the Dodd-Frank Act, codified at 12 U.S.C. 5412(b)(2)(B)(i)(II), granted the OCC rulemaking authority relating to both State and Federal savings associations, nothing in the Dodd-Frank Act affected the
As noted, on
FOOTNOTE 3 76 FR 47652 (
One of the OTS rules transferred to the
Section 305 of the Gramm-Leach-Bliley Act ("GLB Act") /4/ added section 47 to the FDI Act, /5/ entitled "Insurance Consumer Protections." Section 47 applies to retail sales practices, solicitations, advertising, or offers of insurance products by depository institutions /6/ or persons engaged in these activities at an office of the institution or on behalf of the institution. /7/ Section 47 directs the
FOOTNOTE 4 Gramm-Leach-Bliley Act, Public Law 106-102, 113 Stat. 1338 (1999). END FOOTNOTE
FOOTNOTE 5 12 U.S.C. 1831x. END FOOTNOTE
FOOTNOTE 6 A "depository institution" in this context means a national bank in the case of institutions supervised by the OCC, a State member bank in the case of the FRB, a State nonmember bank in the case of the
FOOTNOTE 7 12 U.S.C. 1831x(a)(1)(A). END FOOTNOTE
FOOTNOTE 8 12 U.S.C. 1831x. END FOOTNOTE
--This is a summary of a
Notice of proposed rulemaking.
CFR Part: "12 CFR Parts 343 and 390"
RIN Number: "RIN 3064-AE49"
Citation: "81 FR 83174"
Federal Register Page Number: "83174"
"Proposed Rules"
Proposed Collection; Comment Request for Form 8453-R
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