ICBA wrote in support of a new FDIC proposal to update signage requirements across all banking channels to clearly distinguish insured deposits from noninsured deposits and combat misleading statements to customers regarding the safety of their deposits.
ICBA Comments: In a comment letter ICBA commended the agency for including the use of electronic media when displaying required signage in banking locations, including non-traditional deposit taking locations. ICBA also urged continued monitoring of non-deposit products, particularly as those offerings involve cryptocurrencies and tokenized assets that reside on blockchains.
“As tokenization increases in popularity, the risk of a traded asset being confused with a bank deposit will increase as bank customers navigate complex product offerings that blur the lines between guaranteed bank deposits and non-bank deposit products,” ICBA wrote.
ICBA also clarified that banks that enter into partnerships with third parties should not be liable for the actions of other entities that don’t directly impact the bank, citing compliance costs.
