Earlier this month, the FDIC updated their Consumer Compliance Exam Manual by adding a section on Disclosure Requirements for Sweep Accounts. This new section adds just a half a page of instruction and is intended to assist examiners in the review of disclosure requirements that apply to all sweep account contracts, which require financial institutions to prominently disclose whether swept funds are deposits and the status of the swept funds if the institution were to fail.

The updated version of the FDIC’s Consumer Compliance Exam Manual can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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