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Article: Retirement CD licenses multiplying. (five national banks licensed to sell American Deposit Corp.'s retirement certificate of deposit product)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- October 17, 1994
- Author:
CopyrightCOPYRIGHT 1994 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--At least five national banks are now licensed to sell the controversial retirement CD introduced by the Blackfeet National Bank, said Florida regulators, who called on members of the insurance industry to report any sales they are aware of to their state insurance commissioners.
The regulators, who were speaking at a meeting here on retail sales practices, also said that a suit filed by Blackfeet and the American Deposit Corp., the product's licensor, against Florida Insurance Commissioner Tom Gallagher has been moved from Montana to Florida, a change which is expected to help the Florida regulators.
While Blackfeet, a small American ...