Fed Extends Bank Insurance Disclosure Rules Unchanged
Published Date: 2/5/2025
Notice
Summary
The Federal Reserve is keeping the current rules about insurance sales disclosures for three more years without any changes. This affects banks that sell insurance and helps protect consumers by making sure they get clear information. No new costs or deadlines are coming, just a smooth extension to keep things running.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Three-year extension of insurance disclosures
The Federal Reserve extended the existing Disclosure Requirements in Connection with Regulation H (FR H-7, OMB No. 7100-0298) for three years without any changes. This keeps in place the current rule that helps ensure consumers get clear insurance information when insurance is sold at a bank.
Compliance burden continues for banks
Banks and other persons who sell, solicit, advertise, or offer insurance at a bank must continue to prepare and provide the same disclosures. The Board estimates 339 respondents and a total estimated annual burden of 8,685 hours will continue under the extended collection.
Disclosure timing requirement stays in force
The rule continues to require that certain disclosures appear in insurance product advertisements before a consumer buys and at the time a consumer applies for an extension of credit in connection with the solicitation, offer, or sale of an insurance product or annuity. That timing requirement remains unchanged for the next three years.
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