To amend the Federal Deposit Insurance Act to require insured depository institutions to provide notify customers who purchase mutual funds on the premise of the institution that such mutual funds are not insured deposits, and for other purposes.
Depository Institution Mutual Fund Sales Act - Amends the Federal Deposit Insurance Act to provide that an insured depository institution shall require a registered investment company conducting business on its premises to disclose in writing to prospective clients that the securities are not deposits and are not insured by the Federal Deposit Insurance Corporation or the Federal Government.
Mandates that such disclosures also be included in any advertising and promotional materials issued by the depository institution with respect to such securities.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR H8514)
Referred to the House Committee on Banking, Finance + Urban Affrs.
Sponsor introductory remarks on measure. (CR E2720)
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