Wednesday, May 26, 2010

FYI: FTC Issues Final Rule for Deposits at Non-Insured Institutions

The Federal Trade Commission issued the attached final rules requiring depository institutions that lack federal deposit insurance to disclose that information to consumers.
Among other things, FTC’s rules require institutions without federal deposit insurance to disclose that they are not federally insured and that the federal government does not guarantee consumers will get their money back if the institution fails.  These disclosures must be made on account statements, in advertising, and inside branches at deposit windows. 
The requirement was a part of the Federal Deposit Insurance Corporation Improvement Act of 1991, which directed FTC to write disclosure regulations, as amended by the Financial Services Regulatory Relief Act of 2006
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


NOTICE:  We do not send unsolicited emails.  If you received this email in error, or if you wish to be removed from our update distribution list, please simply reply to this email and state your intention.  Thank you.


Our updates are available on the internet, in searchable format, at: