Just 7 People Complained to the CFPB About Bitcoin in 2016
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....
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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 US Consumer Financial Protection Bureau (CFPB) incited a mixed response from the bitcoin community on 11th August when it issued a new warning to US consumers. The release evoked sometimes strong language in an attempt to warn the public about the potential dangers of engaging with the bitcoin ecosystem, with CFPB Director Richard Cordray likening the ecosystem to a virtual 'Wild West'. Following the release of the guidance, CoinDesk reached out to the CFPB for more details on how the agency has been working to educate its employees and consumers about bitcoin and digital currency, and....
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....
Some players in the industry could find U.S. regulators making a "big overreach" if agencies like the SEC listed specific criteria for cryptocurrencies as securities. Kathy Kraninger, former director of the United States Consumer Financial Protection Bureau, or CFPB, said while many in crypto have complained about the lack of regulatory clarity in the country, the legal gray area has afforded the industry opportunities.Speaking to Cointelegraph, Kraninger said Congressional action on dividing the roles of different regulatory agencies — including the Securities and Exchange Commission, or....
Banks in the United States - and other parts of the world - remain hesitant of Bitcoin and what it brings to the table, though. The Consumer Financial Protection Bureau issued a warning about Bitcoin and virtual currencies back in 2014. Ever since that date, the group has been collecting complaints by American consumers when it comes to financial products and services. In 2016, the CFPB received only seven complaints related to Bitcoin, which is a surprisingly low number. It appears consumers are more concerned over their mortgage, credit reporting, and debt collection. The numbers....