The Federal Deposit Insurance Corp. finalized a rule barring companies from falsely advertising that their consumer deposits are insured through the FDIC’s deposit insurance fund or misusing the agency’s name or logo.
The rule targets scammers that make false claims regarding their access to federal deposit insurance, with regulators raising concerns specifically about cryptocurrency firms and fintechs making inaccurate representations to consumers.
After the FDIC’s board voted to approve the regulation Tuesday, the Consumer Financial Protection Bureau issued its own warning against false statements regarding deposit insurance or misuse of the FDIC’s name and logo. Such practices would be considered ...
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