Last week the FDIC issued Financial Institution Letter 29-2015, announcing the revision of its Compliance Examination Manual, the “Bible” that FDIC examiners use to evaluate financial institution compliance with federal consumer protection laws and regulations. Read the full document here.

The Manual’s Section IX addresses retail sales of investment products, providing very specific guidance on the oversight and due diligence responsibilities of institutions that partner with third party marketers/broker-dealers. Its applicability extends beyond FDIC-supervised institutions as the nation’s banking regulators work to adopt common inter-agency standards.

A must read for banks and credit unions offering investment services.