“The director of the Consumer Financial Protection Bureau, Rohit Chopra, recently shared that the bureau is contemplating applying the Electronic Fund Transfer Act (EFTA) to digital assets. This approach could minimize high losses often experienced from unauthorized crypto transactions and aim to establish safer environment for investors.”
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Future of Crypto: Electronic Fund Transfer Act Impact on Digital Currencies
The Consumer Financial Protection Bureau (CFPB) is contemplating applying the Electronic Fund Transfer Act (EFTA) to cryptos. This measure aims at protecting consumers from unauthorized transfers, errors, or hacks related to digital assets. Amid the exponential growth in crypto-platform hacks, CFPB’s move suggests increased accountability for crypto-related financial institutions.
CFPB’s Scrutiny of Big Tech’s Influence on Mobile Payments: Competition vs Consumer Choice
The US Consumer Financial Protection Bureau (CFPB) is scrutinizing big tech companies like Apple and Google for potentially monopolizing the mobile payments sector and acting as “mini-governments”. This has raised concerns about competition and consumer choice, as CFPB plans to bolster consumer control over personal financial data while promoting open banking and payments.
Risky Payment Apps vs Secure Bitcoin: Navigating FDIC Protection & Financial Security
The Consumer Financial Protection Bureau (CFPB) warns that funds stored in popular payment apps may not be insured, highlighting possible financial uncertainties. Bitcoin, with its decentralized nature and self-sovereignty, gains attention as a secure alternative providing users sole ownership and control over their funds, unlike payment apps.