CFPB Received Only 7 Bitcoin Complaints In Over Two Years
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....
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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 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....
Customers in 24 countries have made 283 complaints to the Federal Trade Commission (FTC) against Kansas-based mining equipment maker Butterfly Labs since 2012, as we reported earlier this week. Since detailed information about notable companies in the bitcoin economy is thin on the ground, CoinDesk wrangled the data on two dimensions - geography and order value - to see what it could tell us. A commanding 73% of complaints to the FTC came from US customers, most being from California, New York and Florida. Customers from Kansas, the company's home state, were absent from the list. The....
Barclays Bank received the most complaints in the first half of 2016 of all financial services firm, according to latest figures from the UK financial regulator. The Financial Conduct Authority said that between January and June Barclays complaints increased 3% from the second half of 2015, reaching 287,463. HSBC was the only other big five High Street banks to see complaints increase. HSBC’s complaints also rose 3% to 124,891. Lloyds Bank, however, saw complaints decrease 7% to 213, 163, remaining second to Barclays. Barclays has taken steps to improve customer service, the banks says,....
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....