CFPB Warns of Dangers Related to Nonbanks Managing Payments and Issuing Stablecoins Outside of the Banking System

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On October 6, 2023, Rohit Chopra, the Director of the Consumer Financial Protection Bureau (“CFPB”), gave a speech at the Brookings Institute’s “Payments in a Digital Century” event.  In his prepared remarks, Chopra frankly addressed concerns regarding technology companies and other nonbanks getting involved in the creation and issuance of stablecoins and blurring “the lines between payments and commerce [in such a way that it] creates the incentives for excessive surveillance [of consumers and…
By: Cadwalader, Wickersham & Taft LLP
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