Acting Comptroller Issues Statement on Misuse of FDIC Name, Logo — 2022-05-17

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the final rule on false advertising, misrepresentation of insured status and misuse of the FDIC’s name or logo. I support the final rule implementing the FDIC’s statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. The final rule describes the process by which the FDIC will identify, investigate, and evaluate potential violations of the statutory provision, and the procedures the FDIC will adhere to when formally or informally enforcing the provisions. The transparency provided by the final rule benefits all parties and promotes stability and confidence in FDIC deposit insurance and the nation’s financial system. This final rule is timely given changes in the marketplace, technological developments, and rapidly evolving consumer behaviors.