On August 30, 2022, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.
Chapter VIII-5.1 (Telephone Consumer Protection Act) of the exam manual was updated to include the following requirements for telemarketers:
(1) to no longer allow use of an “established business relationship” to avoid getting consent from consumers;
(2) to obtain prior express written consent from consumers before making calls with an autodialer or that contain a message made with a prerecorded or artificial voice; and
(3) to require telemarketers to provide an automated, interactive “opt-out” mechanism during each of the type of calls mentioned above in “(2)” so that consumers can immediately tell the telemarketer to stop calling.
The updated Consumer Compliance Examination Manual can be found here.
