In January 2024, one of the largest U.S. non-bank merchant acquirers announced that it is pursuing a special-purpose bank charter developed by Georgia. Although the “merchant acquirer limited purpose bank” (MALPB) has been a...more
After an intense 2023 rulemaking, supervisory, and enforcement cycle for the federal banking agencies, the FDIC issued a final rule on FDIC official signs and advertising requirements right before the new year. The rule comes...more
1/24/2024
/ Advertising ,
Amended Regulation ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Digital Communications ,
FDIC ,
Final Rules ,
FinTech ,
Internal Controls ,
Policies and Procedures ,
Signs ,
Third-Party Service Provider
The FDIC recently approved a final rule to impose a special assessment on banks to recover losses in connection with the decision to guarantee uninsured deposits at two failed banks in March 2023. No banking organizations...more
The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that...more
10/17/2023
/ Advertising ,
Banking Sector ,
Banks ,
Cease and Desist ,
Commercial Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Deposit Insurance ,
False Advertising ,
FDIC ,
Federal Trade Commission (FTC) ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Settlement Negotiations
Everyone—including fintechs, other non-bank companies, and associated individuals—that either partners with banks or seeks to provide alternatives to insured deposits must comply with the FDIC's deposit insurance advertising...more