Skip to main content
OCC Flag

An official website of the United States government

OCC Bulletin 2001-43 | September 14, 2001

Consumer Protections for Depository Institution Sales of Insurance: Interagency Guidance


Chief Executive Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel

The guidance attached to this bulletin continues to apply to federal savings associations.

Final rules establishing consumer protections for depository institution sales of insurance were published in the Federal Register on December 4, 2000 (final rules). The Office of the Comptroller of the Currency (OCC) published the final rules jointly with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (banking agencies). The final rules implement Section 305 of the Gramm-Leach-Bliley Act and apply to retail sales practices, solicitations, advertising, or offers of any insurance product or annuity by a depository institution or any person who is engaged in such activities at an office of the institution or on behalf of the institution. The final rules include specific provisions relating to sales practices, disclosures and advertising, the physical separation of banking and nonbanking activities, and domestic violence discrimination. For the OCC, the final rules appear at 12 CFR 14. The OCC provided a copy of the final rules to you as an attachment to OCC Bulletin 2001-3 (January 12, 2001). The final rules originally included an effective date of April 1, 2001. However, on March 19, 2001, the banking agencies published in the Federal Register an amendment to the final rules delaying the effective date until October 1, 2001.

After the banking agencies published the final rules, the American Bankers Association and the American Bankers Insurance Association wrote a letter to the banking agencies requesting guidance on specific questions in connection with implementing the final rules. On August 17, 2001, the banking agencies issued a joint response to these questions. A copy of the interagency response is attached.

Questions regarding this bulletin should be directed to the Chief National Bank Examiner's Office at (202) 649-6550. The address is Office of the Comptroller of the Currency, 400 7th Street, SW, Washington, DC 20219.

Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel

Related Links