The Interagency Statement includes disclosure and other requirements that are now the primary means by which the federal banking agencies seek to ensure that retail customers are not misled about the nature of non-deposit products they are purchasing on bank premises.
The Board’s Review Thus, when the Board last year decided to reexamine the firewalls, we felt it important to do so with a fresh eye, benefitting from our ten years of experience supervising the section 20 affiliates, acknowledging regulatory and legal developments since 1987, and focusing on the relevance of the firewalls in today’s financial markets.