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What will be the outcome of public feedback on CFPB's proposed EFTA protections?
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CFPB's summary of public feedback
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CFPB Proposes EFTA Protections for Robux and Other Virtual Currencies
Jan 10, 2025, 03:18 PM
The U.S. Consumer Financial Protection Bureau (CFPB) has proposed new rules aimed at enhancing consumer protections for virtual currencies used in video games like Roblox, as well as for cryptocurrency accounts. The proposal seeks to apply the Electronic Fund Transfer Act (EFTA) to these digital currencies, providing consumers with protections similar to those for traditional bank accounts. This includes rights to dispute unauthorized transactions and receive refunds for funds lost to hacks or scams, specifically mentioning protection for Robux. The CFPB's initiative follows reports of issues such as unauthorized transactions, account hacks, and difficulties in obtaining refunds from gaming and cryptocurrency companies. The agency is now seeking public feedback on these proposed protections, with a comment period open until March 31, 2025.
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