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Subject: Non deposit Investment Sales Examination Procedures
Date: February 24, 1994
To: All Users of the Comptroller's Handbook for National Bank Examiners
Description: Interagency Statement
This issuance transmits a new section 413, Retail Nondeposit Investment Sales, for the Comptroller's Handbook for National Bank Examiners. This section should be inserted in the handbook at the end of the "Other Areas of Examination Interest" section, behind section 412, Discount Brokerage Activity.
Banking Circular 274, Retail Nondeposit Investment Sales, is rescinded and replaced by new section 413 to the Comptroller's Handbook for National Bank Examiners, dated February 1994, attached.
On July 19, 1993, the Office of the Comptroller of the Currency issued Banking Circular 274, Retail Nondeposit Investment Sales, which provided guidelines for national banks involved in the sale to retail customers of mutual funds, annuities, and other nondeposit investments. Those guidelines were superseded on February 15, 1994, by the issuance of an Interagency Statement, developed by the OCC, the Federal Reserve Board, the FDIC, and the OTS. The Interagency Statement will apply uniform standards to federally insured financial institutions offering these services.
The Interagency Statement is incorporated in this insert, which provides national bank examiners with procedures for examining the nondeposit investment sales activities of national banks. The questions and procedures presented here check for compliance with the Interagency Statement as well as laws, rules, and regulations. They also provide national bank examiners with a basis for evaluating management and controls in this type of operation.
Questions concerning the Interagency Statement or any part of the insert may be directed to the Office of the Chief National Bank Examiner, Capital Markets Group, in Washington, DC at (202) 874-5070.
Susan F. Krause