On August 9, 2022, the Federal Reserve System published its Consumer Compliance Outlook Second Issue 2022. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

Early in August 2022, the CFPB announced that it will host events wherein it will conduct technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking. The Bureau will conduct two events - the first is a virtual meeting on August 19, 2022 and the second one is an in-person meeting on September 15, 2022. The same materials will be covered at both.

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.