CFPB: Report Identifies Financial and Privacy Risks to Consumers in Video Gaming Marketplaces
Growth in banking options and payments in gaming leaves consumers’ assets and personal data at risk Today, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth of financial transactions in online video games and virtual worlds. These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of…
FRB: Federal Reserve Board Policy Statement Issued to Promote a Level Playing Field for All Banks with a Federal Supervisor Regardless of Deposit Insurance Status
The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…
Agencies Issue Joint Statement on Crypto-Asset Risks to Banking Organizations
Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies’ approaches to supervision in this area. In particular, the statement describes several key risks associated with crypto-assets and the crypto-asset sector, as demonstrated by the significant volatility and vulnerabilities over…
CFPB: New Bulletin Published Analyzing Rise in Crypto-Asset Complaints
“Pig butchering” and other scams lead list of crypto-asset complaints Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many…
FDIC: Cease and Desist Letters Issued to Five Companies For Making Crypto-Related False or Misleading Representations about Deposit Insurance
The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Based upon evidence collected by the FDIC, each of these companies made…
Federal Reserve: Board Provides Additional Information for Banks on Crypto-Asset-Related Activities
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. The…
FDIC: Fact Sheet Issued to the Public on FDIC Deposit Insurance and Crypto Companies
The Federal Deposit Insurance Corporation (FDIC) today published the Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies Recently, some crypto companies have misrepresented to consumers that crypto products are eligible for FDIC deposit insurance coverage or that customers are FDIC–insured if the crypto company fails. These sorts of statements…
OCC: Acting Comptroller Discusses Importance of Financial Health for Consumers
Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s efforts to advance financial health for consumers before the U.S. Department of the Treasury’s Financial Literacy Education Commission. In his remarks, the Acting Comptroller highlighted the agency’s work in crypto consumer education, its “Financial Health: Vital Signs”…
OCC: Acting Comptroller Discusses Expanding Diversity and Inclusion, Minority Homeownership
Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currrency’s efforts to reduce barriers to homeownership and promote financial inclusion in remarks at the Asian Real Estate Association of America Diversity and Fair Housing Summit. The Acting Comptroller highlighted the work of Project REACh to support affordable homeownership, expand…
OCC: Discussion Series on Financial Health Launched
The Office of the Comptroller of the Currency (OCC) today announced the launch of a discussion series to explore issues relating to the financial wellbeing of consumers. The Financial Health: Vital Signs series will feature discussions with Acting Comptroller of the Currency Michael J. Hsu and academic, community and industry leaders on issues affecting the…
- 1
- 2