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Inactive Financial Institution Letters 

NDIP Educational Seminars

FIL-88-97
September 8, 1997

 

TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Additional Educational Seminars on New Examination Procedures for Retail Sale of Nondeposit Investment Products

Due to the continuing expressions of interest from bankers who were unable to attend the 10 educational seminars on nondeposit investment products (NDIPs) held earlier this year, the FDIC's Division of Supervision has agreed to participate in five additional educational seminars during October and November.

These seminars are designed to help insured institutions understand the requirements adopted by the Federal banking agencies and the FDIC's new examination procedures applicable to the retail sale of NDIPs. The seminars will again be conducted in collaboration with the Independent Bankers Association of America and the American Bankers Association. Each seminar is structured to:

  • Provide an overview of the Interagency Statement on Retail Sales of Nondeposit Investment Products. The Interagency Statement was adopted in 1994 by the FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. It is the basis for each agency's supervision of NDIP sales by insured institutions directly or through affiliates or third party vendors.

  • Provide detailed guidance on new FDIC examination procedures to help insured institutions prepare for future NDIP examinations.

  • Update attendees on the status of proposed regulations issued by the Federal banking agencies applicable to the training and licensing of NDIP sales representatives.

  • Review recent legal developments applicable to NDIP programs and brief attendees on the status of regulatory initiatives from the National Association of Securities Dealers and the Securities and Exchange Commission.

In conjunction with the seminar program, the FDIC will be making new NDIP training materials available to insured institutions for use in their internal training programs. This NDIP training package includes: an instructional video illustrating the disclosure, training, sales location, and other requirements applicable to NDIP programs; a new publication containing the answers to the most frequently asked questions regarding the operation of NDIP programs; a new NDIP consumer brochure; and a sample summary NDIP Fact Sheet that insured institutions can include with their customers' account statements. The Interagency Statement on Retail Sales of Nondeposit Investment Products and a copy of the FDIC's new examination procedures also are part of the training package.

The seminar schedule, locations and administrative contacts for registration or other information follow:

October 15, 1997
Memphis, TN
Contact: Education Department
Independent Bankers Association of America Telephone: 1-800-422-7285
October 27, 1997
Washington, DC
Contact: ABA Registration
American Bankers Association
Telephone: 202-663-5274
October 21, 1997
San Francisco, CA
Contact: ABA Registration
American Bankers Association
Telephone: 202-663-5274
November 12, 1997
Scottsdale, AZ
Contact: Education Department
Independent Bankers Association of America
Telephone: 1-800-422-7285
October 23, 1997
Denver, CO
Contact: ABA Registration
American Bankers Association
Telephone: 202-663-5274


Nicholas J. Ketcha Jr.
Director
Nick Ketcha

Distribution: All Insured Institutions

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