ARTICLE · 17 JUNE 2022

FDIC Final Rule And Its Impact On Bank Partnerships

McGlinchey Stafford

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On May 17, 2022, the Federal Deposit Insurance Corporation ("FDIC") adopted a final rule establishing a new subsection B to the Federal Deposit Insurance Act ("FDIA") addressing False Advertising...

United StatesFinance and Banking

Aaron P. Kouhoupt

On May 17, 2022, the Federal Deposit Insurance Corporation ("FDIC") adopted a final rule establishing a new subsection B to the Federal Deposit Insurance Act ("FDIA") addressing False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo. The rule was the result of an "increasing number of instances where individuals or [financial service providers or other] entities have misused the FDIC's name or logo, or made false or misleading representations about deposit insurance." Between January 1, 2019, and December 31, 2020, the FDIC resolved at least 165 instances regarding the potential misuse of the FDIC's name or logo and/or misrepresentations related to deposit insurance. The Consumer Financial Protection Bureau ("CFPB") immediately followed with a Consumer Financial Protection Circular indicating that a violation of the new FDIC rule would likely result in a violation of the Consumer Financial Protection Act's prohibition on Unfair,

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