FDIC Sets Effective Date for Rule on Misuse of the Agency's Name or Other Misrepresentation

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.

As previously covered, the new rule applies to any person who:

• falsely represents (expressly or by implication) the FDIC-insured status for any "deposit liability, obligation, certificate or share" through the use of the FDIC's name or logo;

• knowingly misrepresents (expressly or by implication) the FDIC-insured status, or the extent or manner of FDIC-insurance, for any "deposit liability, obligation, certificate, or share"; or

• aids or abets any other person engaged in such acts.