The Consumer Financial Protection Bureau intends to step up enforcement and oversight for statements regarding FDIC insurance
Digital assets and stablecoins were identified in reference to misuse of FDIC logo and name and insurance misrepresentations
Claims by fintech offerors that products are FDIC “regulated” or “eligible for FDIC insurance” may violate Consumer Financial Protection Act if products are not actually insured
In conjunction with a new final rule, the Consumer Financial Protection Bureau (CFPB) issued an enforcement memorandum providing guidance that addresses deceptive acts or practices for using the name or logo of the Federal Deposit Insurance Corporation (FDIC). The guidance also outlines how misrepresentations about deposit insurance, even those that are not “knowing,” may violate the Consumer Financial Protection Act (the Act).
Under applicable rules, financial institutions cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance, eligibility for FDIC insurance, or pass-through FDIC insurance coverage.
The CFPB highlighted that issues relating to claims of FDIC insurance coverage have taken on renewed importance with the emergence of financial technologies and products, specifically cryptocurrencies and stablecoins. The CFPB also identified the risks posed to consumers if they are lured into purchasing and using certain financial products, services or assets through misrepresentations or false...
A former medical practice in Depew agrees to pay $500,000 to settle allegations of fraudulently receiving a PPP loan, according to federal prosecutors. BUFFALO, N.Y. — A former medical practice in ...