The Federal Deposit Insurance Corp. (FDIC) on Friday announced an update to one chapter (IX-2.1) of its Compliance Examination Manual (CEM) regarding retail insurance sales. The update reflects changes to Part 343 of the FDIC regulations to reflect the agency’s supervisory authority over state savings associations previously regulated by the former Office of Thrift Supervision (OTS).
The manual includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations. “The FDIC CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities,” the agency noted, adding that the manual can be used by financial institutions as a resource for more information about the FDIC’s examination process.