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ARTICLE · 07 AUGUST 2022

CFPB's Chopra Has Payments And Crypto In Focus

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On July 27, CFPB Director Chopra was interviewed in multiple publications, here and here, about, among other topics, how the CFPB could seek to help mortgage borrowers strained by the Federal Reserve's battle...

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Gabriel Khoury
Gabriel Khoury
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On July 27, CFPB Director Chopra was interviewed in multiple publications, here and here, about, among other topics, how the CFPB could seek to help mortgage borrowers strained by the Federal Reserve's battle against inflation and how the agency is looking at cryptocurrency. Below are some of the more important updates from the interviews.

Cryptocurrency.According to the Director, crypto raises new consumer protection questions that the CFPB is studying, including whether additional fraud-related guidance is needed amid a bevy of complaints from peer-to-peer payments users. Chopra said that "right now, cryptocurrency, including stablecoins, are not primarily used in consumer payments. They're really used for speculative trading purposes." Chopra pointed to guidance about the misrepresentation consumers have of deposit insurance as applied to crypto.

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