Today, June 26th, 2026, the Financial Institutions and Enforcement Act (FIEA) came into force. This piece of legislation, passed through Congress at breakneck speed, levels up the powers of the Department of Commerce (DoC) by giving it the ability to freeze the funds of unlicensed operators and to apply to bar people from operating banks. FIEA also introduces a swathe of new charges to the Criminal Code, including operating an unlicensed financial institution.
In his assent message, President Multiman summarised the bill and the factors leading up to its introduction:
” Our server has very rapidly matured in its complexity. Our regulatory powers, particularly in the financial services space, must also mature to meet the material conditions of Redmont as they now are.
This act matures our ability to regulate the financial industry by empowering the DoC to engage in meaningful and substantial regulation that is backed by administrative civil violations. Administrative violations are given an appeal process (PART VI) that preserves the ability to go to court, providing due process just as fines from regulators work in the real world.”
Not two hours after President Multiman affixed his signature to the bill, the DoC launched its first action using its new powers, announcing the first casualty of this new regulatory regime: Inner Enterprises and their unregistered banking service, Inner Bank.
Among the sanctions imposed, the Department sent a criminal referral to the Department of Justice, ordered that all assets held by Inner Enterprises be frozen, ordered that all deposits and advertising activity cease, demanded that their records be preserved and turned over, and is seeking to put the enterprise into receivership, alongside seeking to bar the owner of Inner Enterprises from operating a financial institution. The text of the DoC notice reads:
“This operation is NOT a registered or incorporated financial institution, and it is NOT insured. It solicited public deposits promising returns of “4–7% daily” and “4% every 48 hours”, returns the Department considers unsustainable. The Department has determined the operation to be unlicensed deposit-taking; its “iron purchase” terms do not exempt it (FIEA §§ 4, 6). The Department is further investigating reports that customer withdrawals have been denied.”
Department of Commerce’s enforcement notice against Inner Enterprises
Secretary Theory warned the public not to deposit into this, or any other unregistered bank, and told the public: “Do not send further funds. A guaranteed daily “passive income” return is a common red flag of an unsustainable scheme. Depositors at Inner Bank may be eligible for restitution, and have been instructed to open a DoC ticket.”
The Reveille Times reached out to _zuq, the director of Inner Enterprises, and he refused to comment
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