โ Scribed by Edward J. Stone
No coin nor oath required. For personal study only.
B ankers are all talking about the latest advisory letter from the Office of the Comptroller of the Currency (OCC), which covers bank insurance products. The bankers have a lot of questions. For one thing, does the No, said Julie Williams, chief counsel of the OCC, at a recent video "It is not a regulation," said Williams. "It is intended to communicate the advisory carry the force of regulation? conference held by the Association of Banks In Insurance.
OCC's views and encourage national banks to address particular issues."
And if bankers are looking for solid, unchanging rules for selling insurance, they may be disappointed. The issues involved are so complex that one size will not fit all.
"We recognize," Williams admitted, "that the size of different banks' sales operations, the complexity of the operation, and the different types of products that banks may choose to sell [in the future] mean that there is really no cookiecutter type of standard, of the right thing to do in all cases for all banks." But there are overall guidelines. "There certainly are some general issues and areas of concern," Williams agreed. "And we sought to identify those in the advisory letter and to highlight the sorts of issues that we want to see banks addressing, as they embark on activities in this area."
Instead of looking for solutions to every possible problem, the OCC apparently sought to control the major risks to the consumer.
"We tried to recap what our approach to supervision would be," Williams said, "and indicated that we would try to implement what would be essentially a risk-focused type of approach. We placed a lot of emphasis on trying to identify the complaint experience that banks were having.
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