fdic official advertising statement

The NPR proposed a regulation redesignating the existing regulations in part 328 as subpart A to part 328 and establishing a new subpart B to part 328, entitled False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo. The proposed subpart described certain procedures by which the FDIC would identify and investigate conduct that may violate Section 18(a)(4), the standards under which such conduct would be evaluated, and the procedures which the FDIC would follow when formally and informally enforcing the provisions of Section 18(a)(4). }); Insured Deposit Third-Party Publisher together with the rule. Some commenters referred to these as consumers. Others referred to them as consumers or depositors. Others used the terms, depositors or prospective depositors. Finally, one commenter noted that individuals . script.setAttribute("async", true); on if (typeof adunit != "string") return false; It was viewed 17 times while on Public Inspection. "updatecorrelator" : true FDIC Official Sign and Advertising Statement Requirements: 3064-AF26: FDIC: Proposed Rule Stage: Basel III Revisions: Amendments to the Capital Rule for Large Banking Organizations: 3064-AF29: FDIC: Proposed Rule Stage: Rescission of OTS Regulation Regarding Securities Offerings and New Regulation Regarding Securities Offering Requirements: Rohit Chopra, FDIC Board of Directors member, joins 'Closing Bell Overtime' to discuss the special assessment fee for large banks, the state of regional banks, and more. address these and similar concerns, the final rule clarifies the FDICs procedures for For example, commenters suggested the FDIC adopt a one-click rule for social media and internet advertising,[10] (a) If, in connection with the receipt of an inquiry or complaint, or during the course of an investigation, informal resolution, or formal enforcement under this subpart: (1) The FDIC becomes aware of conduct by a Regulated Institution for which another Federal banking agency is the appropriate Federal banking agency or an Institution-Affiliated Party of such an institution, that appears to violate section 18(a) of the FDI Act (12 U.S.C. With respect to requests that the FDIC clarify that IDIs can submit complaints under the proposed rule, the FDIC reviewed the language of proposed 328.103, which allows any person to submit complaints, and the definition of person under proposed 328.101, which specifically includes Regulated Institutions like IDIs. Section 18(a)(4) provides the FDIC independent authority to investigate and take administrative enforcement actions, including the power to issue cease and desist orders and impose civil money penalties, against any person who misuses the FDIC name or logo or makes misrepresentations about deposit insurance.[3]. Challenge, Quarterly Banking Profile for First Quarter 2023, Quarterly Banking Profile for Fourth Quarter 2022, Quarterly Banking Profile for Third Quarter 2022, Financial 1813(u), either because the FDIC is aware that the person is a director, officer, employee or controlling shareholder of an IDI, or because the FDIC has already made a determination that the person is an IAP. window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o||e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o0&&(l-=1)}),s.on("internal-error",function(t){i("ierr",[t,c.now(),!0])})},{}],3:[function(t,e,n){t("loader").features.ins=!0},{}],4:[function(t,e,n){function r(){M++,N=y.hash,this[u]=g.now()}function o(){M--,y.hash!==N&&i(0,!0);var t=g.now();this[h]=~~this[h]+t-this[u],this[d]=t}function i(t,e){E.emit("newURL",[""+y,e])}function a(t,e){t.on(e,function(){this[e]=g.now()})}var s="-start",c="-end",f="-body",u="fn"+s,d="fn"+c,p="cb"+s,l="cb"+c,h="jsTime",m="fetch",v="addEventListener",w=window,y=w.location,g=t("loader");if(w[v]&&g.xhrWrappable){var b=t(10),x=t(11),E=t(8),O=t(6),P=t(13),R=t(7),T=t(14),L=t(9),j=t("ee"),S=j.get("tracer");t(15),g.features.spa=!0;var N,M=0;j.on(u,r),j.on(p,r),j.on(d,o),j.on(l,o),j.buffer([u,d,"xhr-done","xhr-resolved"]),O.buffer([u]),P.buffer(["setTimeout"+c,"clearTimeout"+s,u]),T.buffer([u,"new-xhr","send-xhr"+s]),R.buffer([m+s,m+"-done",m+f+s,m+f+c]),E.buffer(["newURL"]),b.buffer([u]),x.buffer(["propagate",p,l,"executor-err","resolve"+s]),S.buffer([u,"no-"+u]),L.buffer(["new-jsonp","cb-start","jsonp-error","jsonp-end"]),a(T,"send-xhr"+s),a(j,"xhr-resolved"),a(j,"xhr-done"),a(R,m+s),a(R,m+"-done"),a(L,"new-jsonp"),a(L,"jsonp-end"),a(L,"cb-start"),E.on("pushState-end",i),E.on("replaceState-end",i),w[v]("hashchange",i,!0),w[v]("load",i,!0),w[v]("popstate",function(){i(0,M>1)},!0)}},{}],5:[function(t,e,n){function r(t){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var o=t("ee"),i=t("handle"),a=t(13),s=t(12),c="learResourceTimings",f="addEventListener",u="resourcetimingbufferfull",d="bstResource",p="resource",l="-start",h="-end",m="fn"+l,v="fn"+h,w="bstTimer",y="pushState",g=t("loader");g.features.stn=!0,t(8);var b=NREUM.o.EV;o.on(m,function(t,e){var n=t[0];n instanceof b&&(this.bstStart=g.now())}),o.on(v,function(t,e){var n=t[0];n instanceof b&&i("bst",[n,e,this.bstStart,g.now()])}),a.on(m,function(t,e,n){this.bstStart=g.now(),this.bstType=n}),a.on(v,function(t,e){i(w,[e,this.bstStart,g.now(),this.bstType])}),s.on(m,function(){this.bstStart=g.now()}),s.on(v,function(t,e){i(w,[e,this.bstStart,g.now(),"requestAnimationFrame"])}),o.on(y+l,function(t){this.time=g.now(),this.startPath=location.pathname+location.hash}),o.on(y+h,function(t){i("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),f in window.performance&&(window.performance["c"+c]?window.performance[f](u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["c"+c]()},!1):window.performance[f]("webkit"+u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["webkitC"+c]()},!1)),document[f]("scroll",r,{passive:!0}),document[f]("keypress",r,!1),document[f]("click",r,!1)}},{}],6:[function(t,e,n){function r(t){for(var e=t;e&&!e.hasOwnProperty(u);)e=Object.getPrototypeOf(e);e&&o(e)}function o(t){s.inPlace(t,[u,d],"-",i)}function i(t,e){return t[1]}var a=t("ee").get("events"),s=t(24)(a,!0),c=t("gos"),f=XMLHttpRequest,u="addEventListener",d="removeEventListener";e.exports=a,"getPrototypeOf"in Object? include documents scheduled for later issues, at the request The FDIC received ten comments related to proposed 328.102(b)(3)(ii), which provided that, if a non-bank entity makes claims regarding the insured-status of its products, the failure to identify the name(s) of the IDI(s) which would be receiving deposits would be a material omission in violation of the rule. // execute 4. documents in the last year, 39 15. manages receiverships. bankers, analysts, and other stakeholders. if (typeof(window._mpspixZ) != 'string') { This document has been published in the Federal Register. Hybrid product. } mps._queue.mpsinit.push(function() { 5531 (Section 1031). In the case of electronic advertisements, these regulations allow the additional disclosures to be located on a separate web page, so long as the triggering term is accompanied by a link that directly takes the consumer to the additional information. If the subject of the action does not reside in the United States, the venue will be where the subject of the action conducts business or the Federal judicial district for the District of Columbia. For the reasons stated above, the final rule adopts the proposed rule with certain limited changes. Under Federal law, it is also criminal offense to misuse the FDIC name or make false representations regarding deposit insurance. Savers are poised to get better returns on their cash than they have in over a decade. Americans started the 2020s with a personal savings boom. The FDIC believes that this interpretation is consistent with the plain language of the phrase known IAP., Based upon the comments received, the FDIC recognizes the need to define a single term to describe those that may be adversely impacted by violations of Section 18(a)(4). After the Silicon Valley Bank and Signature Bank failures, experts answer what a bank run is, how FDIC insurance works and whether your deposits are still safe. More information and documentation can be found in our 25. 5 U.S.C. (3) This section applies, but is not limited, to: (i) An Advertisement for any Uninsured Financial Product that features or includes one or more FDIC-Associated Terms or FDIC-Associated Images, without a clear, conspicuous, and prominent disclaimer that the products being offered are not FDIC insured or guaranteed. [23] In turn, the rule could result in deposit networks making publicly available lists of the IDIs with which they have existing business relationships for the placement of deposits, to the degree those entities are not already doing so. The FDIC is not precluded from imposing additional requirements to ensure appropriate use of its official sign and advertisement language if the facts and circumstances warrant such action. FDIC-Associated Terms be material if it states, suggests, or implies that: (i) Uninsured Financial Products are insured or guaranteed by the FDIC; (ii) Insured Deposits (whether generally or at a particular Regulated Institution) are not insured or guaranteed by the FDIC; (iii) The amount of deposit insurance coverage is different (whether greater or less) than actually provided under the FDI Act; (iv) The circumstances under which deposit insurance may be paid are different than actually provided under the FDI Act; (v) The requirements to qualify for deposit insurance, or the process by which deposit insurance would be paid, are different from what is provided under the FDI Act and its implementing regulations in this chapter, including false or misleading claims related to actions required of consumers to qualify for or obtain such insurance; or. [2] } mps._queue.mpsloaded = mps._queue.mpsloaded || []; All actions brought and maintained under this section will be subject to the FDIC's Rules of Practice and Procedure in subparts A through C of part 308 of this chapter (12 CFR 308.1 through 308.109). SOCIAL_MEDIA: 8 Such a website could be maintained by the non-bank entity or the deposit network. Unless the person who is the subject of the enforcement action consents to a different location, the venue for an administrative action commenced under section 18(a)(4) of the FDI Act (12 U.S.C. In addition, section 302(b) of RCDRIA requires new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on IDIs generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form. .split(',') 'title' : 'FDIC' , Federal Register Federal government websites often end in .gov or .mil. The short title "Member of FDIC" or "Member FDIC," or a reproduction of the symbol of the Corporation (as described in 328.1 (b)), may be used by insured depository institutions at their option as the official advertising statement. For example, if a customer places a deposit through a deposit network, the deposit network may be unable to tell the consumer in advance whether the entirety of the deposit will be placed at a single institution or whether it might be divided and placed at multiple institutions. Here's how to make sure your money is fully covered. } collection of financial education materials, data tools, local governments, charitable organizations, corporations, and others could be impacted. return '

' to implement Section 18(a)(4). Accordingly, a regulatory flexibility analysis is not required. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. The SBA defines a small banking organization as having $750 million or less in assets, where a financial institution's assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year. See 13 CFR 121.201 (as amended by 87 FR18627, effective May 2, 2022). }; For the reasons stated in the preamble, the Federal Deposit Insurance Corporation amends 12 CFR part 328 as follows: 1. 1813(u). Call Report data, June 30, 2021. Section 18(a)(4) of the Federal Deposit Insurance Act (FDI Act), 12 U.S.C. CNBC_Comscore = 'Politics'; d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); 2008). 06/01/2022 at 8:45 am. has no substantive legal effect. Federal Banking Agency FDIC: PR-41-2022. Data is a real-time snapshot *Data is delayed at least 15 minutes. See, e.g., FTC 709. For example, assume an individual consumer had $50,000 on deposit at Bank A. encrypted and transmitted securely. Designate 328.0 through 328.4 as subpart A and add a heading for subpart A to read as follows: 4. The https:// ensures that you are connecting to In this Issue, Documents The final rule will take effect 30 days after publication in the Federal Register. See documents in the last year. 709. if (typeof window === 'undefined') return; on 85 FR 10997 (Feb. 26, 2020). A non-bank entity may have an indirect relationship with an IDI if it places deposits through a deposit network. } mps._queue.mpsloaded.push(function(){ return; New Documents In 2011, the NCUA amended its rule to provide for more stringent rules. 06/05/2023, 154 328.3 (b) in all advertisements that either promote deposit products and services or promote non-specific banking products and services offered by the institution." 20. The draft regulation defined the term IAP to mean an institution-affiliated party under section 3(u) of the FDI Act, 12 U.S.C. in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions (IDIs), each Federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that such regulations would place on depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of such regulations. mps._queue = mps._queue || {}; encrypted and transmitted securely. Document page views are updated periodically throughout the day and are cumulative counts for this document. The FDIC provides a wealth of resources for consumers, on FederalRegister.gov } With respect to the comments regarding the language of proposed 328.102(b)(3)(ii), the FDIC's aim in the proposed rule was to address situations in which non-bank entities were making unsubstantiated claims about the availability of deposit insurance without directly or indirectly identifying the IDIs with which these entities were ostensibly doing business. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. documents in the last year, 84 }; The stock has fallen more than 90% this year as investors have lost confidence in the bank after two regional lenders failed in March. p. 47. means a commercial message, in any medium, that is designed to attract public attention or patronage to a product, business, or service. FDIC-Insured Institutions Reported Net Income of $79.8 Billion in First Quarter 2023, Remarks by Chairman Gruenberg at CFEs 2023 Bank On National Conference, FDIC Chairman Gruenberg Offers Testimony on State of U.S. Banking System, FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination, FDIC National Survey of Unbanked and Underbanked Households, Quarterly Banking Advertisement defined. has the same meaning as set forth under section 3(c)(2) of the FDI Act, 12 U.S.C. For the purpose of enforcing the requirements of section 18(a)(4) of the FDI Act (12 U.S.C. 1813(u). As Acting Chairman Gruenberg noted, Next year, 2023, will mark the 90th anniversary of the FDIC. This timely proposal would bring the certainty, safety, and confidence historically provided by the FDIC sign and FDIC insurance to todays varied banking channels, including digital banking.. important initiatives, and more. The FDIC recognizes the importance of working with other state and Federal agencies to address false, misleading, or otherwise deceptive representations regarding deposit insurance. Official sign and advertising statement requirements are set forth in in section 18(a) of the Federal Deposit Insurance Act (FDI Act) and have been in place since 1935.1 The last major changes to the . (function() { On December 13, 2022, the US Federal Deposit Insurance Corporation ("FDIC") released a notice of proposed rulemaking ("Proposal") to revise its regulations on the use of the FDIC sign and. 23. })(); The official advertising statement shall be of such size and print to be clearly legible. They explained that a deposit network may involve many IDIs, making it difficult to name the specific IDI(s) in the network that will receive a deposit until the deposit is placed. mps._adsheld = []; supervises financial institutions for safety, soundness, and consumer This site displays a prototype of a Web 2.0 version of the daily The rule's description of material omission provides that a statement that a product is insured or guaranteed by the FDIC violates the rule if non-depository entities who make representations about One commenter asked in particular how the proposed rule and the 2020 RFI would work together, and how the FDIC will consider and investigate complaints and statements regarding hybrid products. The proposed rule prohibits misrepresentations about deposit insurance in advertising related to hybrid products. If the consumer saw an advertisement by a non-bank entity that promised full FDIC deposit insurance on large certificates of deposit (CDs), and the consumer obtained a $250,000 CD from the non-bank entity, the consumer would not necessarily receive the full value of the promised deposit insurance if the non-bank entity placed the consumer's funds at Bank A. stability and public confidence in the nations financial mps._queue.adview = mps._queue.adview || []; 'subtype' : 'section' , (e) Nothing in this section will prevent the FDIC from commencing a formal enforcement action under 328.107 at any time before or after the issuance of an advisory letter under this section if: (1) The FDIC has reason to believe that consumers or Insured Depository Institutions may suffer harm arising from continued violations; or. (a) A person who is the subject of a final order issued after an administrative action commenced pursuant to this subpart may obtain judicial review of such order in accordance with the procedures set forth in section 8(h)(2) of the FDI Act (12 U.S.C. This PDF is 1831f(g)) in relation to brokered deposits. of the issuing agency. Official advertising statement requirements. We want to hear from you. Start Printed Page 33416 Yields on certificates of deposit are ticking higherand one institution boosted the rate on its 1-year CD over 5%. Specifically, in 2011, while banks needed only to include the FDIC's official advertising statement in radio and television advertisements that exceeded 30 seconds, the NCUA's regulatory amendments required FICUs to include the NCUA's official advertising statement in all radio and television advertisements except those that were less than 15 . Redirecting. collection of financial education materials, data tools, To the extent that a non-bank entity places deposits through a deposit network, it may satisfy this requirement by identifying the deposit network and each IDI in the deposit network or by providing a hyperlink to a current list of all the IDIs that are part of such a network. The rule also provides for an established point-of-contact responsible for receiving complaints about potential violations of Section 18(a)(4) and responding to inquiries about deposit insurance coverage representations. 4 U.S.C. Further, to the extent the FDIC pursues formal enforcement action under the proposed rule, a public notice of charges or order will be issued. nation's financial system. Before (3) For the purposes of paragraph (b)(1) of this section, a natural person is deemed to reside in the Federal judicial district where the natural person is domiciled. documents in the last year, 18 The FDIC has steadfastly and proactively sought to protect consumers[1] mfarrell@FDIC.gov, implementing its statutory authority to prohibit any person or organization from making [26] Since the adoption of Section 18(a)(4) in 2008, the FDIC has issued only one formal enforcement order against a non-bank entity for misuse of the FDIC's name or logo or for misrepresentations or false advertising in relation to deposit insurance. Based on this experience, the FDIC estimates that the final rule will apply to relatively few formal enforcement actions and conservatively estimates that it will affect fewer than 165 informal resolutions with non-bank entities and individuals each year. "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; 27. The FDIC last made major amendments to the official sign and advertising statement rules in 2006, said Acting Chairman Gruenberg. The revisions are intended to extend the certainty and confidence provided by the FDIC official sign found at bank branch teller windows to digital channels, such as bank websites and mobile applications, through which depositors are increasingly handling their banking needs.. Venue. I, Comment 8(a)-9. testimony on the latest banking issues, learn about policy The use of the word may does not allow non-bank entities to satisfy this requirement by merely identifying IDIs with which such non-bank entities might one day do business. Interest on Capitol Hill in tightening bank regulations appears to have waned amid the failure of another institution, First Republic. General Counsel const blockedCategories = decodeURIComponent(matches[1]) 543 F.Supp.2d 925, 934 (N.D.Ill. Revise the authority citation for part 328 to read as follows: Authority: document.getElementsByTagName('meta')['tp:PreferredRuntimes'].setAttribute("content", "flash,html5"); If the non-bank entity places deposits through a deposit network, it may publicly disclose the name(s) of the IDIs that are part of the deposit network. FDIC Official Sign and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo A Proposed Rule by the Federal Deposit Insurance Corporation on 12/21/2022 Document Details Printed version: PDF Publication Date: 12/21/2022 Agency: Federal Deposit Insurance Corporation Dates: mps._ext = mps._ext || {}; The official advertising statement shall be in substance as follows: ''Member of the Federal Deposit Insurance Corpora-tion.'' (1) Optional short title and symbol. (a) Advertisement defined. 11. developer tools pages. (2) For the purposes of this section, a statement is deemed to be a statement regarding deposit insurance, if it: (i) Includes any FDIC-Associated Images or FDIC-Associated Terms; (ii) Makes any representation, suggestion, or implication about the existence of FDIC insurance or the extent or manner of coverage; or. Richard M. Schwartz, Counsel, Legal Division, 202-898-7424, Document Drafting Handbook depository institution shall include the official advertising statement prescribed in Sec. No provision of this subpart shall be construed as barring any action otherwise available, under the laws or regulations of the United States or any state, to any Federal or state agency or person. Before The FDIC believes that the final rule will benefit FDIC-insured institutions and members of the public by further clarifying what constitutes a violation of Section 18(a)(4), by creating a process by which institutions and members of the public can report suspected instances of false advertising, misuse, or misrepresentation regarding deposit insurance, and by establishing clear procedures by which the FDIC will investigate and, where necessary, formally and informally resolve potential violations of Section 18(a)(4). return false; The term "advertisement," as used in this subpart, shall mean a commercial message, in any medium, that is designed to attract public attention or patronage to a product or business. The FDIC is also making a minor, technical amendment to 328.107 to provide clarity regarding the General Counsel's delegated authority to initiate and prosecute formal enforcement actions under the final rule. (function(){ mps._debug('[MPS]: email address detected in url, bypass gpt. var foresee_enabled = 1 } I, Comment 16(c)(1)-2, and 12 CFR part 1030, supp. (ii) The statement omits material information that would be necessary to prevent a reasonable consumer from being misled, regardless of whether any such consumer was actually misled. Silicon Valley Bank and Signature Bank customers are expected to have full access to their money. } The OMB has determined that the final rule is not a major rule for purposes of the Congressional Review Act. Some noted that they have seen similar trends of misuse in the industry that the proposal is meant to combat. [4] Rather than requiring non-bank entities that are advertising FDIC-insured deposits to identify the specific IDI(s) that documents in the last year, 960 The Congressional Review Act defines a major rule as any rule that the Administrator of the Office of Information and Regulatory Affairs of the OMB finds has resulted in or is likely to result in(A) an annual effect on the economy of $100,000,000 or more; (B) a major increase in costs or prices for consumers, individual industries, Federal, State, or Local government agencies or geographic regions, or (C) significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets. (iii) An Advertisement for any Non-Deposit Product or Hybrid Product by a Regulated Institution that includes any statement or symbol which implies or suggests the existence of deposit insurance relating to the Non-Deposit Product or Hybrid Product. The final rule will generally be consistent with existing practices used by the FDIC with respect to these matters. The Public Inspection page may also documents in the last year, by the Transportation Department publication in the future. history, career opportunities, and more. The final rule will primarily affect non-bank entities and individuals who are potentially misusing the FDIC's name or logo or are making misrepresentations about deposit insurance. 86 FR 18528 (April 9, 2021). if (mps._urlContainsEmail()) { A person other than a natural person is deemed to reside in the Federal judicial district where it is headquartered or has its principal place of business. The site is secure. (2) Offer the person or Third-Party Publisher the opportunity to provide additional information, documentation, or justifications to substantiate the representations made or otherwise refute the FDIC's expressed concerns. As discussed previously, the final rule will clarify the FDIC's procedures for evaluating potential violations of Section 18(a)(4). Potential instances of misuse of the FDIC name or logo, or misrepresentations about deposit insurance, by IDIs are usually addressed under the normal supervisory authority of the appropriate Federal financial regulator; therefore although the final rule could affect IDIs, in practice the rule would primarily affect non-bank entities and private individuals. conferences and events. On December 13, the Federal Deposit Insurance Corporation (FDIC) released a proposal to modernize the rules governing use of the official FDIC sign and insured depository Institutions' (IDIs) advertising statements the first update to the FDIC's sign and advertising rules for IDIs since 2006. receive a consumer's deposit, the FDIC is adopting a final rule that will require such non-bank entities to identify the IDI(s) with which the non-bank entities have existing direct or indirect business relationships and into which consumers' deposits It started a recovery in 2023, but remains well below long-term trends. supervises financial institutions for safety, soundness, and consumer })(); The OFR/GPO partnership is committed to presenting accurate and reliable Consumer //end OneTrust Redirect It is not an official legal edition of the Federal Subpart AAdvertisement of Membership 328.0 Scope. } // if (window.top !== window.self) { (b) To the extent that any records are provided to a regulatory or criminal law enforcement authority, as set forth in paragraph (a) of this section, the provision of such records will be made in accordance with the requirements of part 309 of this chapter. data. Start Printed Page 33420 testimony on the latest banking issues, learn about policy 1818(a)(4)), will be as follows: (1) In a case where the person who is the subject of the action is an Insured Depository Institution or an IAP of an Insured Depository Institution, in the Federal judicial district or territory in which the home office of the Insured Depository Institution is located. These practices not only harm those who are targeted with the false promise of deposit console.log('PUB-GDPR-CHECK Blocked Categories: ', blockedCategories); 3. Browse our extensive research tools and reports. 1811 var setAdblockerCookie = function(adblocker) { The regulations also establish a point-of-contact for receiving complaints and inquiries about potential misrepresentations regarding deposit insurance. mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; On December 13, 2022, the US Federal Deposit Insurance Corporation ("FDIC") released a notice of proposed rulemaking ("Proposal") to revise its regulations on the use of the FDIC sign and advertising requirements related to deposit insurance coverage. deposited at the IDI(s). Register documents. 'template' : 'franchise' , has the same meaning as set forth under 328.3(e)(1)(i). manages receiverships. s.src = "https://fm.cnbc.com/applications/cnbc.com/resources/files/2020/03/28/VisitorAPI.js"; For purposes of this definition, a credit product is not a non-deposit product. 1813(q). The final rule could pose some indirect disclosure costs on non-depository entities. The 328.102(b)(5) that was included in the NPR has likewise been redesignated as 328.102(b)(6). return Object.values(OneTrustCategories).filter((c) => blockedCategories.includes(c)).length > 0; banks, and the U.S. banking system, said Acting Chairman Martin J. Gruenberg. The FDIC is proud to be a pre-eminent source of U.S. if (EEA_REGION_COUNTRY_CODES.includes(result.geo.country_code)) { To the extent that there are any future amendments to subpart A that impact the proposed rule's provisions related to hybrid products, the FDIC will address them at that time. For example, to the extent a misrepresentation about deposit insurance was made by an IDI or IAP, the FDIC would also be able to pursue the matter under section 8 of the FDI Act, 12 U.S.C. (2) The person to whom such an advisory letter would be sent has previously received a similar advisory letter from the FDIC under paragraph (a) of this section. With regard to the suggestion that the FDIC create a database of IAPs who have potentially violated the proposed rule, the FDIC believes that such a database could risk reputational harm to individuals who have not yet been found to have engaged in a violation. 'cag[related_primary]' : '' , As used in this regulation, the term consumer is broadly defined to encompass all current and potential depositors, including natural persons, organizations, corporate entities, and governmental bodies. 06/05/2023, 244 The FDIC believes any formats prescribed at this time could quickly become obsolete or even counterproductive as technology continues to evolve. The site is secure. 709, the FDIC may notify FDIC's Office of Inspector General for referral to the appropriate criminal law enforcement authority. 1818(h)(2)). 26. mps.__timer = Date.now ? (b) (2) Size and print. cEnd = document.cookie.length; Start Printed Page 33419 created by the Congress to maintain stability and public confidence in the Profile, FDIC Academic } var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); As noted in the NPR, the standards governing this rule were adapted in part from those applicable to deception under Section 5 of the Federal Trade Commission Act, 5 U.S.C. documents in the last year, 506 2. The .gov means its official. . For purposes of Congressional Review Act, the OMB makes a determination as to whether a final rule constitutes a How to invest from here, Wells Fargo lists financial instability as biggest economic risk post-Fed decision, This bank set a fresh high for yield paid on 1-year CDs, now topping 5%, Uninsured deposits at risk in future bank failures, says Yellen. 1820(c)) and subpart K of part 308 of this chapter (12 CFR 308.144 through 308.150). The recent collapse of Silicon Valley Bank, Signature Bank and Credit Suisse is a harsh reminder of how quickly a trusted institution could fail, putting billions of dollars at risk. let cEnd = document.cookie.indexOf(';', cStart); Should any person have reason to believe that anyone is or may be acting in violation of section 18(a) of the FDI Act (12 U.S.C. Similarly, the FDIC does not believe it is necessary to amend the proposed rule to further define the phrase known IAP as it is used in proposed 328.104. 1828(a)), the FDIC may recommend that the appropriate Federal banking agency take appropriate enforcement action. Gruenberg, Final Rule on False The FDIC publishes regular updates on news and activities. 'content_id' : '10000890' , will const name = ONE_TRUST_COOKIE_NAME; representations about deposit insurance. (1) No person may knowingly make false or misleading representations about deposit insurance, including: (i) That any deposit liability, obligation, certificate, or share is insured under this subpart if such a deposit is not so insured; (ii) The extent to which any deposit liability, obligation, certificate, or share is insured under this subpart if such item is not insured to the extent represented; or. on The official advertising statement shall be of such size and print to be clearly legible. return true; While every effort has been made to ensure that after January 1, 2000. FDIC 2020 Annual Report, electronic version on GPOs govinfo.gov. if (document.cookie.length > 0) { The final rule establishes the process by which the Federal Deposit Insurance Corporation will identify and investigate conduct that may violate section 18(a)(4) of the Federal Deposit Insurance Act, the standards under which such conduct will be evaluated, and the procedures which the Federal Deposit Insurance Corporation will follow when formally and informally enforcing the provisions of section 18(a)(4) of the Federal Deposit Insurance Act. Rules of practice and procedure. Institution Letters, Policy TARGETED_ADS: 4, 1818, 1819 (Tenth), 1820 (c), 1828 (a). script.setAttribute("onerror", "setAdblockerCookie(true);"); }); data. These tools are designed to help you understand the official document [17] President Joe Biden said the FDIC may guarantee deposits above $250,000 again. 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