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Press Release  |  July 29, 2022

FDIC Issues a Fact Sheet to the Public on FDIC Deposit Insurance and Crypto Companies

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published the Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies.    Recently, some crypto companies have misrepresented to consumers that crypto products are eligible for FDIC deposit insurance coverage or that customers are FDIC-insured if the crypto company fails. These sorts of statements are inaccurate and can cause consumer confusion about deposit insurance and harm consumers under certain circumstances. The Fact Sheet is intended to address some common and emerging misconceptions about deposit insurance coverage and its application.   FDIC deposit insurance protects bank depositors in the unlikely event that an FDIC-insured bank fails.  In such an event, the FDIC insures each bank depositor up to at least $250,000. Since the FDIC began insuring deposits in 1934, no depositor has lost a penny of FDIC-insured funds as a result of a bank failure.   However, deposit insurance does not apply upon the failure of a non-bank, such as a crypto company.  In addition, deposit insurance does not protect consumers with non-deposit products such as stocks, bonds, mutual funds, securities, commodities, or crypto assets.   With the release of this Fact Sheet, the FDIC issued a Financial Institution Letter (FIL) containing an Advisory to FDIC Institutions Regarding Deposit Insurance and Dealings with Crypto Companies. This Advisory is directed to FDIC insured banks dealing with crypto companies, reminding them to confirm and monitor that these companies do not misrepresent the availability of deposit insurance.   Attachments: Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies  Advisory to FDIC Institutions Regarding Deposit Insurance and Dealings with Crypto Companies

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BROWSE BY TOPIC New Releases Best Sellers eBooks & e-Magazines Subscriptions Standing Orders Sale & Clearance SEARCH OUR SITE On July 30, 1965, President Lyndon B. Johnson signed the Social Security Act Amendments, thus establishing Medicare and Medicaid, the health insurance programs for Americans. Read more in our blog at: https://bit.ly/3BqZzYL

Payment processor’s sales pitches tricked small business owners By Karen Hobbs Today, people expect to swipe, dip, tap, enter, and use their credit and debit cards everywhere — including at small businesses, local shops, and neighborhood restaurants. If you own a small business, you’ve probably gotten a sales pitch for payment processing services. As the FTC’s case against First American Payment Processing and its affiliates Eliot Management Group and Think Point Financial demonstrates, some of those sales pitches are misleading and violate the law. Read More>

FTC says payment processor’s illegal pitches and practices harmed small businesses By Lesley Fair We’ll lay our cards on the table: Protecting small businesses from deceptive and unfair practices is a key priority for the FTC. That includes taking action when payment processing companies that offer small business owners access to the credit and debit card system allegedly use illegal tactics to pitch their services. According to the FTC, Texas-based First American Payment Systems made misleading statements about fees and cost savings, used hidden auto-renewal provisions, failed to honor promises about easy cancellation, and made unauthorized withdrawals from customers’ bank accounts. A settlement will return $4.9 million to small businesses injured by their practices. Read more >

Search OFAC's Sanctions Lists OFAC News and Recent Actions Sanctions FAQs Press Releases Contact OFAC . Update to OFAC's list of Specially Designated Nationals (SDN) and Blocked Persons The SDN list has recently been updated.  Please visit this page to access the latest version of the SDN list.  Check this page periodically as it may also be updated if a new list-related format or product is offered. For more information on today's action, please follow this link. The Summary of NLRB decisions for the week of July 18 - 22, 2022 is now available on the NLRB’s website.  The summary can be accessed by clicking the links below.   https://www.nlrb.gov/cases-decisions/weekly-summaries-decisions/summary-of-nlrb-decisions-for-week-of-july-18-22-2022 Questions? Contact Us The following GAIN reports were released on July 25-26, 2022. _______     Argentina: Grain and Feed Update Wheat exports for marketing year (MY) 2022-2023 are forecast at 12.35 million tons, l.15 million tons lower than USDA’s official number as a result of lower production. The wheat and barley crops are suffering very dry weather. Barley exports in MY 2022-2023 are forecast at 3.7 million tons, the same as in MY 2021-2022. Corn exports in MY 2022-2023 are forecast at 38.8 million tons, 2.2 million tons lower than USDA as Post forecasts a lower production at 53 million tons. Sorghum exports for MY 2022-2023 are forecast at 1.65 million tons, 850,000 tons lower than USDA as China’s demand has recently cooled down. Rice exports in MY 2022-2023 are forecast at 350,000 tons, 30,000 tons higher than USDA.   Bangladesh: Grain and Feed Update Post forecasts marketing year (MY) 2022/2023 rice harvested area at 11.5 million hectares and production at 35.65 million metric tons (MT), down slightly from the USDA official numbers due to crop damage resulting from heavy floods in the northern part of the country. Local prices of rice, wheat, and corn hit record highs in July 2022. The Russian invasion of Ukraine and India’s ban on wheat exports further aggravated grain market prices in Bangladesh. Post reduced its wheat and corn import forecasts to 7 million MT and 2.2 million MT, respectively, from its previous projections.   Canada: Canada Publishes Front-of-Package Nutrition Labelling and Other Food Labelling Regulations On July 20, 2022, Canada announced final regulations to amend the Food and Drug Regulations (FDR) to require front-of-package (FOP) labeling for most prepackaged products containing certain nutrients (i.e., saturated far, sugars, and/or sodium) at or above specified thresholds. These regulations came into force on the date they were published in the Canada Gazette, Part II on July 20, 2022. The amendments related to FOP labelling, nutrient content claims, vitamin D fortification and high-intensity sweetener labelling are subject to a 3.5 year transition period, which ends December 31, 2025.   Canada: Grain and Feed Update Significant rainfall has alleviated severe drought conditions in large regions of Alberta and Saskatchewan but more is required to support wheat growth. Large regions of Manitoba that were waterlogged in June, now have adequate conditions after a heat wave dried up excess water. Wheat prices began to fall in June on improved North American drought conditions and optimism that Ukrainian grain exports may be able to resume via the Black Sea. Year-to-date wheat grain imports (excluding wheat products) are up 34 percent after the 2021 drought reduced domestic supplies.   Indonesia: Grain and Feed Update Wheat imports for 2021/22 are revised upward to 11.2 million metric tons (MMT) from the previous estimate of 11.0 MMT, reflecting recovering demand for flour-based foods. In line with increased imports, food, seed, and industry (FSI) wheat consumption is also revised up 2.2 percent to 9.1 MMT of wheat equivalent. Corn production for 2021/22 is estimated to increase to 12.8 MMT on higher yield from larger use of hybrid seed and less incident of pest and disease. Based on updated data, 2021/22 rice imports is revised down to 500,000 MT compared to the previous estimate of 750,000 MT.   United Kingdom: Retail Foods The UK retail sector is one of the most sophisticated in the world, with the UK retail grocery market valued at $282 billion in June 2022. Discounters remain the fastest growing channel, with online grocery shopping remaining stable after achieving unprecedented growth during the pandemic. The UK is experiencing a cost-of-living crisis with rising food, energy, and fuel costs resulting in UK inflation hitting a 40-year high figure of 9.1 percent. Consumers will have less disposable income with some having to make choices as to what they buy. Health and wellness, free-from, and convenience products as well as vegan, vegetarianism, sustainability, and environmentally friendly products are all key drivers in the UK food retail industry. For more information, or for an archive of all FAS GAIN reports, please visit gain.fas.usda.gov/.