Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22
Federal Reserve 05/20/22
Federal Reserve Board 04/22/22
CFPB 04/08/22
Federal Reserve Board 02/01/22
Federal Reserve Board 01/03/22
Federal Reserve Bank of Boston 12/10/21
Commerce Department 11/09/21

Testimony

Title Committee Presenter Date
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19

Payments News

FDIC issues fact sheet, advisory on crypto deposit insurance claims

Aug. 01, 2022

The FDIC published a fact sheet to consumers and an advisory to financial institutions on FDIC deposit insurance and crypto companies.

Fact Sheet: The fact sheet says some crypto companies have misrepresented FDIC deposit insurance for crypto products and addresses common and emerging misconceptions. It notes that deposit insurance does not apply upon the failure of a nonbank and does not protect consumers with nondeposit products.

Advisory: The advisory reminds FDIC-insured banks dealing with crypto companies to confirm and monitor that these companies do not misrepresent the availability of deposit insurance.

Voyager Letter: The release follows a joint letter from the FDIC and Federal Reserve Board demanding that crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements regarding its FDIC deposit insurance status.

Congressional Debate: With the crypto debate continuing in Congress, ICBA last week called on the Senate Banking Committee to ensure crypto regulations are comprehensive and effective. After ICBA previously expressed concerns that the House Financial Services Committee planned to take up last-minute crypto legislation that hasn’t been publicly vetted, the committee delayed the measure, as reported by The Wall Street Journal, Politico, and Reuters.