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ARTICLE · 18 APRIL 2024

CFPB Targeting Gaming Industry?

Klein Moynihan Turco LLP
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On April 4, 2024, the Consumer Financial Protection Bureau ("CFPB") issued a report (the "Report") examining the potential risk to consumer assets and data in the online video game...

United StatesMedia, Telecoms, IT, Entertainment
David O. Klein
David O. Klein
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On April 4, 2024, the Consumer Financial Protection Bureau ("CFPB") issued a report (the "Report") examining the potential risk to consumer assets and data in the online video game and virtual world spaces. The CFPB gaming Report was preliminary in nature, but highlighted three specific trends and risks. The release of the CFPB gaming Report was accompanied by a statement from Rohit Chopra, the CFPB's Director. Director Chopra identified certain risks that consumers might encounter while gaming and ensured that the CFPB would continue to monitor the space with an eye towards safeguarding consumers' finances and data from harm.

As our readers are aware, the CFPB is the principal regulatory body responsible for administering federal consumer financial laws. Its broad jurisdictional reach includes banks, credit unions, payday lenders, and other financial institutions. The CFPB was created by the Consumer Financial Protection Act ("CFPA"), which was enacted to protect

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