October 22, 2021

Volume XI, Number 295

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Consumer Financial Protection Bureau Releases Virtual Currency Advisory

The US Consumer Financial Protection Bureau (CFPB) released an advisory on the risks of virtual currencies. The advisory was issued two months after the Government Accountability Office requested that the CFPB look more closely at the virtual currency industry. The CFPB has also begun accepting complaints from virtual currency users regarding such products and services. Among other risks, the advisory discussed virtual currency’s lack of protections provided by traditional government-insured banks, the threat from hackers and other fraudsters, and the costs and security measures needed to use such virtual currencies. The virtual currency advisory was issued as part of the CFPB’s overarching mandate, which includes the consideration of consumer protection issues related to emerging technologies. 

Click here to read the advisory.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume IV, Number 227
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About this Author

Claudia Callaway, Litigation Lawyer, Katten Muchin
Partner

Claudia Callaway is chair of Katten’s Consumer Finance Litigation practice and co-chair of the Class Action and Multidistrict Litigation practice. She focuses her practice on the defense of state and federal class actions regarding consumer protection and consumer finance laws and representation of clients before the Consumer Financial Protection Board (CFPB), the Federal Trade Commission (FTC) and state banking agencies.

Claudia represents consumer lenders, third-party debt collectors and other consumer  financial services clients in class action suits and...

202-625-3590
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