Announced Action for March 11, 2005

Commission approval of Federal Register notice: The Commission has approved the publication of a Federal Register notice seeking public comment on proposed disclosure requirements for depository institutions that do not have federal deposit insurance. The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) directs the FTC to issue regulations requiring depository institutions that do not have federal deposit insurance to tell their depositors they do not have such insurance. The Commission is seeking public comment on a proposed disclosure rule for such non-federally insured depository institutions. The notice of proposed rulemaking can be found on the Commission’s Web site as a link to this press release, and will be published shortly in the Federal Register.

Written comments must be received on or before June 15, 2005. Comments should refer to: “Proposed Rule for FDICIA Disclosures, Matter R411014,” and should be sent to FTC/Office of the Secretary, Room H-159 (Annex A), 600 Pennsylvania Ave., N.W., Washington, DC 20580. The Federal Register notice contains detailed information about how to submit comments via e-mail. The Commission vote approving publication of the Federal Register notice was 5-0. (FTC File No. R411014; the staff contact is Hampton Newsome, Bureau of Consumer Protection, 202-326-2889.)

Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and also from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.