CFPB Releases Complaint Information on Crypto-Assets

Complaint Bulletin – The CFPB released a 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 consumers had issues with accessing funds in their account due to outright platform failures, identity verification issues, security holds, or because of technical issues with platforms. Poor customer service is a common theme across crypto-related complaints.

FCRA...What is Your Role?

Countries Under Increased Reasonable Investigation of Consumer Reporting Disputes – The CFPB published a Consumer Financial Protection Circular on the requirements for reasonable investigations of consumer reporting disputes. The questions answered in the Circular are (1) are consumer reporting agencies and the entities that furnish information to them (furnishers) permitted under the Fair Credit Reporting Act (FCRA) to impose obstacles that deter submission of disputes? And (2) do consumer reporting agencies need to forward to furnishers consumer-provided documents attached to a dispute?

CFPB Nonbank Supervision

Nonbank Supervision – The CFPB finalized changes to its nonbank supervision procedural rule to provide transparency to the public about how it is using its supervisory tool to keep pace with fast-moving consumer finance markets. The final amendments include codifying a standard to govern information that will not be included in the public release of a designation decision, and extending the time for respondents to provide input related to our public release determinations from 7 to 10 business days.

From the Federal Reserve

Supervision and Regulation Report – The Federal reserve published its Supervision and Regulation Report which focuses on developments in banking system conditions, regulatory developments, and supervisory developments.