Comment Call: FTC Proposed Rule on Disclosures for Non-Federally Insured Institutions

CUNA
March 31, 2009 | COMMENTS

The Federal Trade Commission (FTC) issued a proposed rule in 2005 to implement provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) that require disclosures for financial institutions that do not have federal deposit or share insurance. This proposal was never finalized.

In 2006, Congress enacted the Financial Services Regulatory Relief Act of 2006 (FSRRA), which amended the FDICIA requirements and addressed many of the concerns that were raised in comments to the FTC in response to the 2005 proposed rule.

The FTC has now issued a new proposed rule to incorporate the changes in the FSRRA.

Comments on the proposed rule are due by June 5, 2009.

Please submit your comments to CUNA by May 26, 2009. Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Senior Vice President and Deputy General Counsel Mary Dunn at mdunn@cuna.com or to Senior Assistant General Counsel Jeff Bloch at jbloch@cuna.com; or mail them to Mary or Jeff in c/o CUNA's Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, 6th Floor, Washington, DC 20004. You may also contact us if you would like a copy of the proposed rule or you may access it here.

> Read the full Comment Call here @ CUNA for background and questions to consider

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> View the Full Comment Letter from CUNA here

> Regulatory & Legislative Resources for Council Members