Banking Law News

CFPB Could Be Powerful Libra Regulator, If It Chooses

July 19, 2019, 9:31 AM

Just who would regulate Facebook’s Libra cryptocurrency and its Calibra digital wallet remains an open question after two days of congressional hearings this week, but the CFPB could fill much of that void if it wants to.

Facebook has touted the Libra ecosystem’s potential to enable faster, cheaper payments to developing countries, which could place the social media giant under the Consumer Financial Protection Bureau’s supervision of remittance providers. Such a move also could trigger the CFPB’s sweeping enforcement powers to bring Unfair, Deceptive or Abusive Acts and Practices claims on everything from remittance practices to improperly sharing customer data....

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