Federal Deposit Insurance Corporation Improvement Act of 1991


Pub. L. No. 102-242, codified in relevant part at 12 U.S.C. § 1831t, as amended

Section 151 of this Act (adding section 43 of the Federal Deposit Insurance Act), as amended by the Financial Services Regulatory Relief Act of 2006 (Pub. L. 109-352, 120 Stat. 2011) requires non-federally insured depository institutions to disclose in certain locations, documents, and advertising that the institution is not federally insured. The section requires issuance of a rule prescribing the manner and content of those disclosures. The section also requires private deposit insurers to obtain annual audits and provide copies to the depository institutions they insure (who must provide them to customers on request) and to the appropriate state supervisory agencies. The section provides appropriate state supervisors with express authority to examine and enforce compliance with the section. Appropriations acts have prohibited implementation of a provision that authorizes the Commission to extend the law to certain additional entities. Under the Dodd-Frank Act, responsibilities for that provision, as well as other rulemaking, transferred to the Bureau of Consumer Financial Protection.