Crypto Kiosk Compliance Measures

XXXXX

January 10, 2023

XXXXX
Review Examiner
FDIC – Division of Depositor and Consumer Protection

XXXXX
XXXXX

This letter is in regards to the June 21, 2022 Compliance Report of Examination and the request to ensure that appropriate controls are in place to minimize the potential for customer confusion regarding the bank’s arrangement with XXXXX to place kiosks inside of the bank branches.

We placed labels on the brochures and the labels include the following five bullet points: Not FDIC Insured, Not a deposit or bank product, Not insured by any Federal Government Agency, Not guaranteed by the bank, May go down in value. These same bullet points are on laminated paper that cover the key pad on the bitcoin machines. The users of the machine would have to lift the paper in order to access the machine.

We emailed XXXXX to ask that they add the 5 bullet points to the QR code information and to the actual brochure. We also asked that they place the notice, Not FDIC Insured on the location page for our branches and on the main page. XXXXX has added the Not FDIC Insured to the location page for our branches and are working on getting it updated on their main page.

Please let me know if there is anything further that you need or if you would like pictures of what we have done. Thanks!

Sincerely,

XXXXX