Alert May 18, 2010

FDIC Seeks Comment on Savings Accounts Templates for LMI Consumers

The FDIC published for comment templates it developed that describe potential features for basic savings account products designed for low- to moderate-income consumers. This initiative encourages insured depository institutions to make low-cost products available to the communities they serve. According to the FDIC, the guiding principles in the development of the templates are that the products have low and transparent fees; are FDIC-insured and subject to consumer protection laws, regulations, and guidelines; are simple to use; include easily understandable terms and conditions; and represent sustainable product offerings for banks. Comments on the templates are due by June 6, 2010. Click here for the FDIC’s notice which includes links to the templates.