The FDIC issued a new series of letters demanding four nonbank entities cease making false or misleading representations about deposit insurance.
Details: The FDIC demanded that Bodega Importadora de Pallets, Money Avenue LLC, and OKCoin USA Inc. take immediate corrective action to address these false or misleading statements.
Background: The letters are the latest in a series of FDIC actions to prevent nonbanks from misleading consumers on deposit insurance. In addition to its cease-and-desist letter, the agency last year issued:
A consumer fact sheet addressing misrepresentations and misconceptions about crypto and deposit insurance.
An advisory reminding banks dealing with crypto companies to confirm and monitor that these companies do not misrepresent deposit insurance.
