TagCFPB

Coinbase Complaints Have Increased 4,700% (So Far) in 2017

The U.S. Consumer Financial Protection Bureau (CFPB) has experienced a dramatic rise in virtual currency-related consumer complaint reports in 2017. The majority of these complaints name Coinbase, one of the most widely-used U.S. cryptocurrency exchanges. Virtual Currency Consumer Complaints on the Rise Cryptocurrency prices have exploded in 2017, sparking increased media attention and public...

Bitcoin Escapes 'Stifling' Consumer Protection Authority’s Prepaid Regulation

China Bitcoin

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...

Bitcoin 1, PayPal 0: PayPal Fined $10 Million for Deceptive Practices

PayPal has been fined $10 million for engaging in deceptive practices. The crux of their deception was enrolling customers into a credit program without their consent, creating a situation where people were on the hook for credit they'd never asked for. As you know, any credit program can have an effect on your credit score. The action was carried out by the Consumer Financial Protection Bureau...

Federal Agencies Criticized for Failing to Protect Bitcoin Users

A new report from the Government Accountability Office is highly critical of the current approach by federal agencies towards Bitcoin. After analyzing all the current operations and interagency working groups, the report concludes that federal agencies have failed to take action to protect ordinary Bitcoin consumers from scams, thefts and hacks. The report concludes that despite the...

US Consumer Agency prepares to protect Bitcoin shoppers

This morning Douwe Miedema, a reporter with Reuters, is reporting that a U.S  Government watchdog has told the U.S. Financial Protection Bureau, a primary Consumer Agency, that they should play a bigger role in protecting and shielding consumers from risks associated with virtual currencies. Reuters have also reported that Federal Regulators have begun to work together to gauge the level of risks...

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