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Depository Institution Retail Investment Sales and Disclosure Act

Introduced: October 19, 1993 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 20, 1993
Sponsor introductory remarks on measure. (CR H8325-8326)
Oct 19, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Oct 19, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Depository Institution Retail Investment Sales and Disclosure Act - Amends the Federal Deposit Insurance Act to add provisions regulating the retail sales of nondeposit investment products (shares issued by a registered investment company) by insured depository institutions.

Prohibits insured depository institutions from permitting any person to engage in any practice or advertising which could mislead a customer as to: (1) the uninsured nature of any nondeposit investment product offered or sold by the institution; or (2) the investment risk associated with such product. Requires specified disclosures to potential customers, including disclosure that the nondeposit investment product is not insured by the FDIC (Federal Deposit Insurance Corporation) and that the product poses investment risks and may involve the loss of principal. Requires signed purchaser declarations acknowledging understanding of the disclosures.

States that an insured depository institution may not allow any person who accepts deposits to sell or offer investment advice regarding any nondeposit investment product. Prescribes requirements which must be met by persons selling nondeposit investment products.

Places restrictions on names, designs, and logos used by depository institutions in connection with investment activities.

Provides for confidentiality of customer information.

Expresses the sense of the Congress that the Federal banking agencies use testers to monitor compliance with the requirements of this Act.

What's happening now October 20, 1993

Sponsor introductory remarks on measure. (CR H8325-8326)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1