Advertisement of Membership Flashcards
Every succeeding __ years, subject to approval by the FDIC and NCUA, the current standard maximum deposit insurance amount is subject to an inflation adjustment.
5 years.
What three main items are discussed under this regulation?
- Describes the official sign of the FDIC
- Describes its use by insured depository institutions
- official advertising statement insured depository institutions must include in their advertisements.
Does the term insured depository institutions include branches of a foreign depository institution?
For purposes of Part 328, the term “insured depository institution” includes insured branches of a foreign
depository institution. The regulation does not apply to noninsured offices or branches of insured depository institutions located in foreign countries.
Where are official signs required to be displayed?
-At each window or station where deposits are received.
True or false:
Display of the official sign at automated teller machines is not required.
True
What should examiners do if the official signs are missing or obsolete?
Inform management of the availability of these items from the FDIC upon request and may be obtained by faxing a written request on bank letterhead or through FDIC connect.
Requests should indicate the number of each requested item needed and the name and address of the bank.
What procedures should examiners follow if a bank sells on premises NDIP?
Determine whether such activities (including any promotional materials) do not mislead consumers as to the products’ insured status and comport with the requirements of the Interagency Statement on Retail Sales of Nondeposit Investment Products and Part 343 of the FDIC Rules and Regulations (Consumer Protection in Sales of Insurance).
What should examiners review advertisements for?
Determine whether the official advertisement statement is properly included in all advertisements that either
promote deposit products or promote non-specific banking products and services.
Review for compliance with the restrictions on using the official advertising statement when advertising non deposit products.
What is the FDIC’s official advertising statement?
Member FDIC
What should examiners do if the official advertising statement is in a language other than English?
If the official advertisement statement “Member FDIC” is in a language other than English, determine whether prior written approval of the translation was obtained from the FDIC.
