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Program Details

CFPB Issues Consumer Advisory Concerning Virtual Currencies

Content Partner:  West LegalEdcenter
Price: $195.00*
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Today, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Advisory about virtual currency. The Bureau also announced that its consumer complaint database is now accepting complaints about virtual currency. The Bureau, of course, uses its consumer complaint database as a way to prioritize its regulatory and policy-making activities – and virtual currency may soon be on the Bureau's priority list.

The Bureau's Consumer Advisory notes that there are certain "associated risks" of using virtual currency – including hackers, costs, and scams – and that there are "fewer protections" associated with this type of currency than what "you expect from a bank or debit or credit card provider."
The Bureau's Consumer Advisory delineates some potential issues surrounding the use of virtual currency, including:

The increased possibility of scams
What the loss of a consumer's private keys means
Some of the concerns arising from a consumer's use of a digital wallet
Hacking risks 
Critical need to understand fully the terms of any digital wallet agreement
Informing consumers what to do if they "encounter a problem with virtual currency or a virtual currency company" 
Allyson Baker is a trial attorney with more than a decade of experience in the federal government and private practice. She focuses her practice on commercial litigation, consumer finance and tax controversy. Most recently, Ms. Baker was an Enforcement Attorney with the Consumer Financial Protection Bureau (CFPB) where she served as lead counsel on one of the first enforcement actions which also resulted in the largest agency settlement to date. She was a member of the initial team of attorneys hired to stand up the CFPB Office of Enforcement, and she helped formulate policies on litigation, investigations, and Dodd-Frank Act jurisdiction issues. She also led an office working group that created, reviewed, and coordinated research projects involving the application of Dodd-Frank and a group that coordinated the work between the Offices of Enforcement and Fair Lending.  

Ed Wilson focuses on assisting private and governmental parties negotiate the laws and policies regulating payments, money, business, investment and political activity.  His primary emphasis is on solving Washington-related business and regulatory matters.
Issues include cross-border business and financial transactions; government contracts; payments; anti-money laundering (AML/CFT) rules for traditional and non-traditional financial institutions; anti-corruption standards applicable in home, host and residence countries; nomination and confirmation issues in the U.S.; political activities – by U.S. and non-U.S. persons – in the U.S.; and policy and regulatory matters related to the U.S. Treasury, State and Commerce (BIS/EAR) Departments, multilateral development banks, and international organizations.
Andrew Bigart is an associate in Venable’s Regulatory Practice Group with a focus on antitrust law, consumer protection, international trade, and business counseling. Mr. Bigart assists clients with ongoing regulatory compliance matters, civil and criminal investigations, and litigation before the Federal Trade Commission, the Department of Justice, the Department of Commerce, the Department of the Treasury, the Department of Transportation, and various other federal and state agencies and courts. Mr. Bigart has significant experience in counseling clients on antitrust matters, mergers and acquisitions, and advertising and marketing practices, including data privacy and compliance with state and federal consumer protection laws. 

Practice Areas: Banking & Finance Law, Bankruptcy & Creditors Rights, Corporate & Securities, Creditors Rights & Collections
Online Media Type: Audio
Production Date: 12/10/2014 1:00 PM EST
Level: Intermediate
Category: Standard
Duration: 1 Hours, 0 Minutes
Online Format: Live
Course Type: Public

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Total Credits: 1
Specialty Credits: 
Status: Reciprocal Credit Available
Expiration: N/A
Training Type: Online

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Allyson B. Baker - Partner - Venable LLP, Washington, D.C.
D.E. Wilson, Jr. - Partner - Venable LLP, Washington D.C.
Andrew E. Bigart - Associate - Venable LLP, Washington D.C.
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

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