The Consumer Financial Protection Bureau is setting the stage for more involvement in the crypto industry.that it was invoking a largely unused provision from the Dodd-Frank Act that gave birth to the bureau in the aftermath of the 2007-2008 financial crisis.
In its announcement, the CFPB specified its interest in emerging technologies, writing:"Nonbanks do not have a bank, thrift, or credit union charter; many today operate nationally and brand themselves as 'fintechs.'" "The final rule is not necessary to establish the Bureau’s supervisory authority under 12 U.S.C. 5514. Rather, the final rule merely provides transparency and ensures consistency regarding the procedures that the Bureau intends to use in connection with its preexisting supervisory authority under 12 U.S.C."
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