多宝游戏下载 Issues Final Rule Relating to False Advertising, Misrepresentations About Insured Status, and Misuse of the 多宝游戏下载鈥檚 Name or Logo
Summary:
On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (多宝游戏下载) approved a final rule implementing section 18(a)(4) of the Federal Deposit Insurance Act (Section 18(a)(4)), which prohibits any person from: making false or misleading representations about deposit insurance, using the 多宝游戏下载鈥檚 name or logo in a manner that would imply that an uninsured financial product is insured or guaranteed by the 多宝游戏下载, or knowingly misrepresenting the extent and manner of deposit insurance. The final rule describes the process the 多宝游戏下载 will use to exercise its authority to enforce Section 18(a)(4), as well as the standards that the 多宝游戏下载 will use to evaluate conduct that may violate the statute.
Statement of Applicability: The contents of, and material referenced in, this FIL apply to all 多宝游戏下载-insured financial institutions.
Highlights:
- Section 18(a)(4) prohibits any person from making false or misleading representations about deposit insurance, using the 多宝游戏下载鈥檚 name or logo in a manner that would imply that an uninsured financial product is insured or guaranteed by the 多宝游戏下载, or knowingly misrepresenting the extent or manner of deposit insurance. Under Section 18(a)(4), the 多宝游戏下载 has authority to investigate violations and take action to enforce these prohibitions.
- In recent years, the 多宝游戏下载 has observed an increasing number of instances where financial services providers or other entities or individuals have misused the 多宝游戏下载鈥檚 name or logo or have made misrepresentations about 多宝游戏下载 insurance.
- The final rule describes: (1) the process by which the 多宝游戏下载 will identify and investigate conduct that may violate the prohibitions against misuse and misrepresentation; (2) the standards under which such conduct will be evaluated; and (3) the procedures that the 多宝游戏下载 will follow when formally and informally enforcing these prohibitions.
- The rule will be effective 30 days after publication in the Federal Register .