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Online Games Act Like Unregulated Banks, And The US Gov’t Has Noticed
4.4.2024
A new report from the United States Consumer Financial Protection Bureau (CFPB)—an organization focused on enforcing the laws that protect consumers—indicates the bureau is aware of and monitoring big online video games that are filled with in-app purchases, digital currencies, and shady...
House Panel Chairman Tells CFPB to “Go Back to the Drawing Board” Over Stringent Crypto Oversight Proposal
14.3.2024
House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion Chairman French Hill (R-AR) lambasted the Consumer Financial Protection Bureau (CFPB), telling the independent government agency to “go back to the drawing board” regarding an oversight proposal that would...
House Financial Services Committee Members Demand More Time to Debate New Digital Payment Proposal
2.2.2024
Leading members of the U.S. House Financial Services Committee, Chairman Patrick McHenry, Subcommittee Chairman French Hill, and Representative Mike Flood, have requested an extension of the public comment period for the CFPB’s proposed rule on digital consumer payment applications. This...
Blockchain Association Rebuffs CFPB’s Proposal on Payment Apps and Digital Assets
9.1.2024
In a detailed critique, the Blockchain Association counters the CFPB’s latest proposal to oversee digital consumer payment applications, citing legal and jurisdictional overreaches in the bureau’s approach to cryptocurrencies and digital assets. CFPB Faces Criticism from Blockchain...
U.S. Consumer Finance Watchdog Wants to Oversee Major Tech, Some Crypto Payments
7.11.2023
A proposed rule would let the CFPB supervise nonbank payment providers and transactions between people, including some crypto transactions
US CFPB proposes supervising digital app providers, including crypto wallets
7.11.2023
The proposal would affect retail transactions carried out from crypto wallets, but not crypto trading
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets
9.10.2023
The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA)...
US consumer watchdog mulls applying e-banking laws to crypto
9.10.2023
The head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund transfer laws
CFPB examines Big Tech's role in mobile payment systems ahead of rulemaking
7.9.2023
The U.S. Consumer Financial Protection Bureau has focused the role of Apple and Google in mobile payments with a critical eye
Rep. Warren Davidson: Stablecoin bill has 'outside chance' of finalizing this year
23.9.2022
Earlier this week, new draft legislation on stablecoins came to light aimed at “endogenously collateralized stablecoins.”
Certain regulatory clarity could be 'hugely detrimental' for crypto, says former CFPB director
23.8.2022
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
Biden is considering law professor, Fed president, and former CFPB director to fill 3 seats on Federal Reserve: report
1.12.2021
Fed governor Randal Quarles resigned his position effective as of the end of December, while Richard Clarida is expected to leave in January 2022, leaving three vacancies in the group of seven serving at the Federal Reserve
US Senator Hagerty to CFPB Director: Don’t Stifle Crypto Innovation
29.10.2021
The conversation occurred at a banking committee meeting with Consumer Protections director Rohit Chopra
'Two cops on the beat': Regulator wants sole authority to charter fintech firms
7.1.2021
The OCC’s acting head is pushing against the Consumer Financial Protection Bureau’s intention to charter non-depository fintech firms