The Consumer Bankers Association has published the results of its survey of bank investment-product sales practices.
The survey, which drew responses from 48 companies representing 164 separately-chartered banks and thrifts, was conducted in the fall.
Key Findings
It covers a wide range of topics, including disclosure and compliance practices, product offerings, expansion plans, salary-and-compensation practices, and product pricing.
Among the key findings: 95% of banks that sell investment products require customers to sign written statements acknowledging that the funds lack Federal Deposit Insurance Corp. coverage.
"Bank mutual funds and other investments are a permanent part of the bank product line, and critical if banks are to remain competitive," CBA president Joe Belew said.
Copies of the report are available to association members for $95, and to nonmembers for $175.
