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FEDERAL RESERVE BANK OF NEW YORK Educational Videotape on Sales by Banks of Mutual Funds and Annuities To All Bank Holding Companies, State-Licensed Offices o f Foreign Banks, and Others Concerned, in the Second Federal Reserve District: Following is the text o f a statement issued by the Board o f Governors o f the Federal Reserve System: The Federal Reserve Board has announced the availability o f a videotape designed to help consumers understand that mutual funds and annuities, unlike certificates o f deposit, are neither insured by the FDIC nor in any way guaranteed by the banks that sell them. The video, which runs about eight minutes, will be used by the Federal Reserve in the seminar programs it is presently offering for consumers on the topic o f uninsured products. It is also intended for use by bankers and consumer groups in their educational efforts in this area. Also available are compliance checklists to help financial institutions in their efforts to comply with the Interagency Statement on Retail Sales o f Nondeposit Investment Products. The checklists are being distributed at seminar sessions being held by the Federal Reserve for bankers involved in the sale o f these products. There is no charge for the video or the checklists. To order the video, contact: Public Affairs Department Federal Reserve Bank o f Minneapolis P.O. Box 291 Minneapolis, MN 55480-9985 (612) 340-2446 (phone) (612) 335-2855 (fax) To order the checklists, contact: Division o f Consumer and Community Affairs Federal Reserve Board, Stop 800 Washington, D.C. 20551 (202) 452-3306 (phone) For additional information, please contact Elizabeth Irwin-McCaughey, Assistant Vice President, at (212) 720-6820, or Nancy Tomassone, Senior Examiner, at (212) 720-2492, o f our Compliance Examinations Department. J ames K Hodgetts . Vice President.
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