FDIC Last Code and its own Affect Bank Partnerships
To your , brand new Government Put Insurance rates Corporation (“FDIC”) implemented a last rule starting an alternative subsection B to your Government Put Insurance policies Operate (“FDIA”) handling Not the case Ads, Misrepresentation off Insured Standing, and you may Abuse of your own FDIC’s Label otherwise Representation. The brand new code is caused by a keen “increasing number of instances in which some one or [financial service providers or any other] agencies keeps misused the fresh new FDIC’s term otherwise expression, or produced incorrect otherwise mistaken representations on deposit insurance rates.” Between , the fresh FDIC resolved about 165 days about your possible abuse of the FDIC’s name otherwise signal and you will/otherwise misrepresentations about deposit insurance. An individual Financial Security Agency (“CFPB”) quickly adopted having a buyers Monetary Defense Circular demonstrating one a violation of the fresh new FDIC code would cause a citation of your own Individual Economic Shelter Act’s prohibition towards Unjust, Deceptive, or Abusive Acts or Strategies. Leer más