News

The Consumer Financial Protection Bureau will no longer supervise cryptocurrency exchanges, peer-to-peer payment platforms, or P2Ps, and other non-bank institutions that do not pose an unreasonably high risk to customers if a proposal pitched Tuesday enters into force. Currently, the CFPB has broad authority to supervise all manner of companies in financial services, including P2Ps, exchanges, payday lenders and neobanks, if the bureau believes their operations threaten consumers financially. Companies subject to the CFPB's supervision undergo regular examinations of their anti-fraud controls and other aspects of their compliance programs. "In the bureau's preliminary view, Congress would not have expected it...