CFPB Says Virtual Currencies Are Out Of Its Hands
Members of the Consumer Financial Protection Bureau (CFPB) have determined that issues surrounding digital currencies and any related products and services are outside their jurisdiction, and not liable to be covered or handled under their regulations. The CFPB is an independent, government agency that works to protect consumer activity in financial sectors. Typically, services are limited to customers of commercial banking firms, credit card companies, payday lenders, securities firms, and mortgage and foreclosure groups. While virtual currencies continue to add to their rosters of....
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The US Consumer Financial Protection Bureau (CFPB) has issued a new warning to consumers, advising that they should exercise caution when engaging with the bitcoin and digital currency markets. The CFPB advisory urges consumers to be vigilant as there are risks to consider when dealing and transacting with digital currency; namely, volatile exchange rates, unclear costs, security threats posed by hackers and scammers and the possibility that companies may not always be able to provide help or refunds for lost or stolen funds. Notably, the news comes two months after the Government....
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....
Following up on an article in which the United States Consumer Financial Protection Bureau (CFPB) was aiming to give bitcoin more attention comes a potentially controversial statement from the Bureau's Director, reports The Hill. The watchdog bureau is waving the flags of caution for those who may be interested in getting involved with the digital currency, or any other cryptocurrency, adding these emerging payment forms carry "significant risks." "Virtual currencies may have potential benefits, but consumers need to be cautious and they need to be asking the right questions," said CFPB....
New data shows American consumers filed a total of just seven complaints with the US Consumer Financial Protection Bureau (CFPB) in 2016. The CFPB was created in the wake of the financial crisis of the late 2000s as part of a bid to more closely scrutinize financial products and services in the US. The agency began accepting complaints related to digital currencies in August 2014. Now, student loan marketplace LendEDU has scraped data from the CFPB's public complaints database, finding that, of the nearly 190,000 complaints filed over the course of 2016, only seven of them related to....
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:....