United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-06-26 monographic deposited born digital 12 p. GA 1.13:T-GGD-96-141 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-96-141 P0b002ee1803940b6 f:gg96141t DGPO 2010-08-12 2011-03-28 GAOREPORTS-T-GGD-96-141 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-96-141 T-GGD-96-141 Banking regulation Securities regulation Bank examination Mutual funds Financial institutions Proprietary data Surveys Interagency relations Compliance Information disclosure Other Written Product GGD GAO discussed the Federal Deposit Insurance Corporation's (FDIC) survey concerning the risks associated with mutual fund investing. GAO noted that: (1) sales of mutual funds through banks and thrifts have increased dramatically; (2) the value of assets managed by these institutions doubled from $219 billion in December 1993, to $420 billion in March 1996; (3) 2,800 banks sold over $40 billion in both proprietary and nonproprietary mutual fund shares during 1995; (4) in February 1994, FDIC, the Office of the Comptroller of the Currency, the Federal Reserve, and the Office of Thrift Supervision jointly issued guidelines on the policies and procedures for selling nondeposit investment products; (5) these interagency guidelines require that bank and thrift customers be fully informed of the risks of investing in mutual funds; (6) the guidelines also require that banks' mutual fund sales activities be physically separated from bank deposit activities; (7) the results of the FDIC survey indicate that many banks and thrifts are not disclosing the risks associated with mutual fund investing; and (8) all four bank and thrift regulators are making an effort to ensure that bank personnel pass qualifying examinations and receive better training in selling uninsured investment products, and reexamine the current interagency policy on mutual fund sales. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-96-141/html/GAOREPORTS-T-GGD-96-141.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-96-141/pdf/GAOREPORTS-T-GGD-96-141.pdf GAO/T-GGD-96-141 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-96-141 Other Written Product GAO/T-GGD-96-141; Bank Mutual Funds: Improvements in Risk Disclosure Needed; Banking regulation Securities regulation Bank examination Mutual funds Financial institutions Proprietary data Surveys Interagency relations Compliance Information disclosure