NR 2001-29
For Immediate Release                                                                               March 14, 2001


Agencies Extend Effective Date on Bank Insurance Rules

	The federal banking regulatory agencies today approved a joint rulemaking 
that extends the effective date of consumer protection rules for the sale of 
insurance products by depository institutions on their premises, or on their behalf.  
The new effective date will be October 1, 2001, rather than the original effective 
date of April 1, 2001.  No other provisions of the rules have changed.

	The final rules implement section 305 of the Gramm-Leach-Bliley Act and 
were jointly published on December 4, 2000, by the Federal Deposit Insurance 
Corporation, the Board of Governors of the Federal Reserve System, the Office 
of the Comptroller of the Currency, and the Office of Thrift Supervision. 

	After issuing the final rules, the banking agencies found that a 
significant number of institutions required additional time to fully implement 
the requirements of the regulation by the April 1 effective date.  The extension 
will allow more time to change systems, alter forms, gain state regulatory 
approvals, and train personnel.


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Media Contacts:

FDIC:			David Barr	(202) 898-6992
Federal Reserve:	Rose Pianalto	(202) 452-2955
OCC:			Bob Garsson	(202) 874-5770
OTS:			Sam Eskenazi 	(202) 906-6677