Cooley Discusses CFPB Bulletin Analyzing Rise in Crypto-Asset Complaints

On November 10, 2022, the Consumer Financial Protection Bureau issued a bulletin analyzing consumer complaints submitted to the CFPB over the past four years related to crypto-assets and platforms. According to the CFPB, fraud, scams and transaction issues accounted for almost two-thirds of those complaints. Indeed, shortly after the bulletin’s release, CFPB Director Rohit Chopra in other public commentary described crypto as “a new vector for fraudsters.” Underlying many of the complaints were concerns with the level of customer service provided by crypto companies when issues arose.

The bulletin describes risks to consumers and steps consumers can take to protect … Read more