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Handling loan-insurance tie-ins without getting into knots.(MAILBOX)
ABA Banking Journal, February, 2008 by Callaway, Leslie
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Q. Can we require customers to insure their home with our affiliated insurance company in order to receive a special loan offer?
A. This appears to be a violation of regulations regarding consumer protections in sales of insurance. Each federal banking regulator was required to adopt regulations to protect consumers in bank sales of insurance, as required in the Gramm-Leach-Bliley Act of 1999. The FDIC's regulations are found at 12 CFR Part 340. Certain tying arrangements are expressly prohibited, see below:
Section 343.30 Prohibited practices.
(a) Anticoercion and anti-tying ...
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