Bitcoin Escapes ‘Stifling’ Consumer Protection Authority’s Prepaid Regulation
The CFPB, the government agency overseeing consumer protection in the financial sector has not included bitcoin and other virtual currencies and related products from its new prepaid regulatory requirements. Virtual currencies like bitcoin and related products are outside the scope of a newly amended prepaid regulation [PDF] by the Bureau of Consumer Financial Protection (CFPB), a new final ruling on Wednesday revealed. Revealing the process prior to the ruling, the governmental agency revealed that a number of commentators weighed in on to facilitate the Bureau’s decision. Those who....
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Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017. According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced: “The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.” Newly implemented....
The Chamber of Digital Commerce has welcomed a decision by the US Consumer Financial Protection Bureau (CFPB) to exclude virtual currency offerings from its tightened regulations on prepaid cards. CFPB: Virtual Currencies ‘Outside Scope’ of Prepaid Card Legislation. The CFPB’s statement of October 6, signaled tighter controls over prepay on consumer....
The Consumer Financial Protection Bureau (CFPB) has published a set of proposals that could impact cryptocurrency users. Its 870-page report, published 13th November, is largely focused on prepaid debit cards, but some provisions in the document may apply to cryptocurrency wallets too. Regulations may apply to all digital wallets. The bureau is still seeking comment on its proposed definition of 'prepaid accounts' and admits that the document remains a work-in-progress. While most of its proposal deals with cards, however, the CFPB notes that it could apply to digital currencies as well:....
For the time being, it remains unclear what this announcement means for bitcoin. China is planning to introduce some major changes in terms of market regulation. By the year 2020, China wants to address fake goods, food, and drug safety issues. Moreover, the government wants to impose more consumer protection measures, as there is a severe lack right now. An intriguing development, as this news goes to show some big changes are happening in the financial department. It remains unclear if this will have an impact on bitcoin in China, though. It is evident China wants to strengthen its....
A new report from Bloomberg suggests that bitcoin is about to get a whole lot more attention from the United States Consumer Financial Protection Bureau. The investigative arm of the United States Congress, The Government Accountability Office had written in what has been described as a confidential report that the Consumer Financial Protection Bureau needed to be more active in the field of creating digital currency policies. The Bureau responded to the Government Accountability Office in agreement: "We're looking forward to increasing our involvement in formal working groups as they....