Posts tagged cfpb.

As fintech and blockchain transactions continue to grow in popularity, they are receiving increased attention at the state level, whether through fintech sandboxes, crypto-friendly legislation, or other initiatives aimed to encourage fintech innovation and economic development. Below is a roundup of just some of the recent fintech activity at the state level:

  • This week, New York entered into a Memorandum of Understanding with Israel on fintech cooperation. The agreement is intended to encourage fintech innovation in both New York and Israel by providing support to fintech ...

Last month, the Treasury Department issued a 222-page report to President Trump on Nonbank Financials, Fintech, and Innovation in which it recommends large-scale regulatory changes to promote innovation in the realm of fintech. The report makes clear the view of the Treasury Department that "innovation is critical to the success of the U.S. economy, particularly in the financial sector." To that end, the Treasury Department's report seeks to identify opportunities to "modernize regulation to embrace the use of data, encourage the adoption of advanced data processing and other ...

Posted in: Blockchain, FinTech

Mick Mulvaney's tenure as acting director of the Consumer Financial Protection Bureau ("CFPB" or "the Bureau"), a position he has held since November of 2017, is coming to an end. It is anticipated that President Trump's nominee, Kathleen Kraninger, will take over as the Bureau's director once confirmed by the Senate. In a speech to the Women in Housing and Finance group on May 29, 2018, Mulvaney announced that the Bureau is working closely with the Commodity Futures Trading Commission to implement a "regulatory sandbox" that will enable financial technology ("FinTech") firms to ...

Back in August 2014, the CFPB published a Consumer Advisory entitled, "Risks to consumers posed by virtual currencies." In the Advisory, the CFPB informs consumers of the risks associated with blockchain currency, including scams, cost as compared with credit cards, fewer protections when something goes awry, and the potential for hackers.

In the Advisory, the CFPB warns consumers about bitcoin and other blockchain currency. Risks include the threat of hackers and scammers that pose serious security threats. Because bitcoin and other blockchain currencies are virtual, fraud ...

Posted in: Blockchain, CFPB
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