On August 3, 2022, the FDIC published its Supervisory Insights, Summer 2022 Edition. The FDIC’s Supervisory Insights is published by the Division of Risk Management Supervision to promote sound principles and practices for bank supervision.

On August 2, 2022, the Acting Comptroller of the Currency Michael J. Hsu spoke at the joint meeting of the FBIIC and FSSCC where he discussed cybersecurity risks facing the financial sector. In his remarks, Hsu talked about the three intersecting risks that he believes the financial industry should pay attention to - the risk of evolving cybersecurity threats, the risk to critical operations, and the risk of complacency.

On July 29, 2022, the FDIC issued a Financial Institution Letter (FIL) to address certain misrepresentations about FDIC deposit insurance by some crypto companies. Through the FIL, the FDIC issued an Advisory to FDIC-insured institutions to address misconceptions about the scope of deposit insurance coverage and related concerns. The FDIC also published in its website a Fact Sheet to clarify for customers of non-bank entities, such as crypto companies, and the public generally, that deposit insurance does not cover non-deposit products, including crypto assets.

On July 28, 2022, the FDIC and the Federal Reserve Board issued a joint letter demanding that the crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements concerning the company’s FDIC deposit insurance status and take immediate corrective action to address these false statements. The FDIC is authorized to implement the Federal Deposit Insurance Act which prohibits any person from representing or implying that an uninsured deposit is insured or from knowingly misrepresenting the extent and manner in which a deposit liability, obligation, certificate, or share is insured under the Act.

On July 27, 2022, the CFPB updated its Frequently Asked Questions pertaining to compliance with the Debt Collection Rule. Four new sections were added as follows:

On July 26, 2022, the FATF updated its Risk-Based Approach Guidance for the Real Estate Sector which outlines the principles and benefits of adopting a risk-based approach to tackling money laundering and terrorist financing in the real estate sector. The revised guidance highlights the importance for the sector to increase its understanding of the money laundering and terrorist financing risks it faces.

On July 26, 2022, the FTC published a proposed rule and is seeking public comment on the proposed revisions to its Guides Concerning the Use of Endorsements and Testimonials in Advertising. The Guides are designed to assist businesses and others in conforming their endorsement and testimonial advertising practices to the requirements of section 5 of the FTC Act, also known as “Unfair or Deceptive Acts or Practices”.

On July 25, 2022, the OCC announced that it is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. Submissions related to the impacts of competition and challenges for community banks are especially encouraged.