FDIC Renews Bank Insurance Form Rules
Published Date: 9/8/2026
Notice
Summary
The FDIC wants to renew its paperwork rules for banks and insurance sellers to keep consumer protections strong. This affects insured state nonmember banks and their insurance sellers, with no big changes or extra costs expected. You’ve got until October 8, 2026, to share your thoughts before the renewal is finalized.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Reverse Mortgage Recordkeeping and Disclosures
Banks and savings associations that make reverse mortgages must keep required records and provide certain disclosures to consumers, including required acknowledgments. The estimated annual burden for these Reverse Mortgage Products collections is 344 hours across respondents (5 respondents for implementation recordkeeping at 40 hours each and 18 respondents for ongoing recordkeeping at 8 hours each) under 12 CFR 365.
Required Insurance Disclosures to Consumers
If you buy insurance products or annuities from an insured State nonmember bank or savings association, the seller must give you a disclosure that the product is not FDIC-insured and must get your acknowledgement. The disclosure must be provided before the completion of the initial sale and, if sold in connection with credit, at the time of the credit application (per 12 CFR part 343).
Compliance Burden for Insured State Banks
The FDIC is renewing two information collections that continue compliance and recordkeeping duties for insured State nonmember banks and savings associations that sell insurance or make reverse mortgages (OMB No. 3064-0140 and 3064-0176). The Insurance Sales Consumer Protections collection lists 934 respondents with a total annual burden of 4,670 hours (5:00 hours average per response); the Reverse Mortgage Products collections list a total annual burden of 344 hours.
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