OTHER NEWS - Dec. 14, 1994

FDIC to Review How Banks Sell Mutual Funds: The Federal Deposit Insurance Corp. announced plans to send decoys to banks to make sure bank representatives are properly informing customers about the risks involved in owning mutual funds and annuities. This marks the first time the federal government has initiated a “mystery shopper” program to review the way banks sell mutual funds. The FDIC suspects some banks are misleading customers about the risks of investing in mutual funds. In some cases, it says, customers think they’re buying something that is federally insured. Banks deny the allegations. The FDIC said it plans to review the sales practices at 3,000 to 4,000 bank offices nationwide.