WASHINGTON (CN) - The Federal Trade Commission will be letting consumers know which banks lack federal deposit insurance by placing placards in windows, and by other means, beginning July 6.
This is to enforce mandatory disclosure requirements, which apply to only a few state chartered banks and savings associations, including most banks in Puerto Rico, which are insured by the territorial government.
The FTC also will monitor the inclusion of notices of non-insured status in periodic statements sent to account holders, in all forms of advertising and in all contracts and authorization documents issued to customers by banks whose deposits are not insured by the Federal Deposit Insurance Corporation.
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