The CFPB warned that operators of digital comparison-shopping tools or lead generators may be in violation of the Consumer Financial Protection Act if they give preference to products or services based on financial or other benefits provided to the tool operator.
News & Insights
The comment deadline for an FDIC Advance Notice of Proposed Rulemaking soliciting feedback on a proposal to (i) modernize sign and advertising requirements to account for digital banking and (ii) clarify regulations regarding the advertisement of deposit insurance coverage was extended to April 7, 2023.
The FDIC proposed amendments (i) to modernize sign and advertising requirements to account for banks doing business with customers not physically in a branch and (ii) to clarify regulations regarding the advertisement of deposit insurance coverage, particularly as banks may offer non-insured products, such as those involving digital assets.
In a new report, the Financial Stability Oversight Council asserted that digital assets could pose risks to U.S. financial stability.
The effective date for an FDIC final rule establishing a process to identify and investigate misrepresentations of FDIC deposit insurance or misuse of the agency's name and logo was set for July 5, 2022. The final rule was published in the Federal Register.