In This Issue. The Federal Deposit Insurance Corporation (FDIC) took action against false or misleading crypto-related representations; the Board of Governors of the Federal Reserve System (Federal Reserve) released a supervision and regulation letter about risks related to crypto-assets; the FDIC issued supervisory guidance on multiple re-presentment non-sufficient funds fees; the Commodity Futures Trading Commission’s (CFTC) Market Participants Division announced it has issued a temporary no-action letter regarding capital and financial reporting for certain non-U.S. nonbank swap dealers (NBSDs); and the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management observed differences in how registered investment companies (Funds) investing in Treasury Inflation-Protected Securities (TIPS) calculate their standardized yield. These developments are discussed in more detail below.

Regulatory Developments

FDIC Takes Action Against False or Misleading Crypto-Related Representations

On August 19, the FDIC issued letters (the Letters) to five companies demanding that they cease and desist from making false and misleading statements about the FDIC and take immediate action to correct and address such claims. The Letters are part of an effort by the FDIC to educate the public about the scope of FDIC deposit insurance coverage and to protect the public from confusion related to crypto companies making false claims of protection. In July 2022, the FDIC...

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