Question & Answer

Question: When does the interagency policy statement apply?

Answer: Whenever bank employees make statements about non-deposit investment products or actually make a referral, it should be done in a manner that is consistent with the policy statement. Remember, the goal of the policy statement is to prevent customer confusion. Thus, every act or statement made by bank staff should be consistent with the policy statement and the bank's compliance program.

Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 16 & 17, 12/97