The FDIC and the Federal Reserve Board issued a joint letter to a digital asset custodian stating that the firm has been making "false and misleading" statements that customers who have opened accounts benefit from FDIC insurance.
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The Federal Reserve Board revised the interest rate paid on balances held by Federal Reserve Banks or eligible institutions.
The U.S. House Committee on Financial Services marked up and passed bills on special purpose acquisition companies, broker-dealer and investment adviser mandatory arbitration clauses in customer agreements, and hiring practices.
The CFPB charged a credit-repair software and solutions company and its CEO with assisting credit-repair businesses in their collection of advance fees from consumers, in violation of the Telemarketing Sales Rule.
The Federal Reserve Board adopted amendments to the reserve requirements for depository institutions to (i) create a new single "interest on reserve balances" rate and (ii) simplify the formula for payment of interest on balances.