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• W288565655 abstract "So much is written about the advantages. banks engaging in sales investment products that look at the potential liabilities is in order. Mutual funds and discount brokerage services represent business areas with which most banks have, at best, only limited experience. This raises significant new risks that directly impact not only bank's profitability and financial soundness but also its ability to secure and maintain adequate insurance coverage at manageable cost. In no other area does the entry into nontraditional lines business more directly impact the bank's insurance program than in the area directors and officers (DO when they have limited experience and expertise in given market; and when management control has been deficient. Investment sales could fit that template if not properly managed. It is not only insurance underwriters who exhibit concern with respect to banks moving into these nontraditional business arenas. All three bank regulators have issued guidelines and cautionary statements. Before depository institutions engage in any type securities activities, it is vital that they clearly understand the risks to which these activities subject the bank, its officers, and the board directors. They should also clearly understand what is and, most importantly, what is not covered by the institution's D&O insurance. The following are some the specific D&O related risk factors that should be considered by bank's management. 1. Watch your advertising. The manner in which the bank markets investment products may create significant D&O exposure. Investment products possess an inherently higher level risk to the investor than insured deposits. While many banks are very careful to point this out, others have ways to go. For example, Colorado bank recently mailed its depositors literature, asking, Tired of low interest rates? It then went on to tout strategic income investing in junk bonds which it said was both a safe and high-yield investment. Investments in the fund were referred to as deposits, according to Philip Feigin, Colorado's Commissioner Securities. 2. Maintain Chinese wall. Another source D&O exposure for banks entering the securities business is the risk legal and regulatory violations at the point interface between depository and nondepository operations. To illustrate: major bank in the southeast recently announced plans to begin integrating customer information from its broker-dealer subsidiary with consumer banking information contained in the retail branch system. While such an effort is eminently sensible from marketing and customer-service perspective, it creates the appearance breach federal regulations limiting the sharing customer information between depository institutions and their nondepository subsidiaries. In addition, the arrangement violates FDIC guidelines stating that all recommendations for nondeposit investments be on an inquiry into customer's financial condition and background, tax status and investment objectives--and that this inquiry be based on information obtained directly from the customer. …" @default.
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• W288565655 title "Boards at Risk" @default.
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