Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
FDIC demands Utoppia Inc. stop its misleading deposit insurance statements
Yesterday, the FDIC issued a letter demanding that Utoppia Inc. and certain of its officers stop making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements.
Based upon evidence collected by the FDIC, Utoppia and/or its officers made false representations in English and in Spanish, stating or suggesting that Utoppia is FDIC-insured and that FDIC insurance will protect customers’ cryptocurrency, and did not clearly and conspicuously identify an insured deposit institution for placement of deposits. These representations and material omissions are false and misleading.
The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured product is FDIC-insured or from knowingly misrepresenting the extent and manner of deposit insurance. The FDI Act further prohibits companies from implying that their products are FDIC-insured by using “FDIC” in the company’s name, advertisements, or other documents. The FDIC is authorized by the FDI Act to enforce this prohibition against any person.