The Consumer Financial Protection Bureau (CFPB) is seeking input from gamers as it introduces a proposed rule regarding in-game currencies and transactions. This initiative aims to extend the protections of the Electronic Fund Transfer Act (EFTA) to certain video game companies.
Historically, the EFTA has provided safeguards against unauthorized transactions, requiring financial institutions to rectify errors and investigate fraudulent activities. The CFPB’s proposed regulations would apply to gaming companies that enable the conversion of in-game currency or assets into real money, treated similarly to “consumer asset accounts.”
Under this proposal, games that facilitate the conversion of virtual currencies, like Roblox, would be affected, whereas titles like Fortnite, which don’t allow cash conversions, would not be included. Additionally, platforms that enable the sale of in-game items for money, such as Steam, would likely fall under these new rules.
The CFPB is also calling on players to share their experiences regarding the purchase of digital goods and services within games. They are particularly interested in hearing about difficulties faced while using in-game currency, the adequacy of support received when issues arise, and desired protections for in-game transactions and accounts.
Each year, Americans spend billions on video games and virtual environments, with a significant portion allocated to gaming currencies stored on user accounts. The CFPB highlights that issues surrounding these currencies and accounts are evolving to resemble more traditional banking and payment systems.
Currently, gamers often operate under a “buyer beware” system, facing minimal support when facing account hacks or currency conversion problems. Many report refund denials, account bans, or being trapped in ineffective customer service loops while seeking assistance.
The proposed interpretive rule indicates that gaming companies must comply with the EFTA, or risk violating federal consumer financial laws if they fail to resolve gamers’ account-related issues. The CFPB encourages the public, especially gamers, to submit comments and personal accounts regarding this proposal.
Individuals will have until March 31 to provide feedback via email to the CFPB. Their insights will assist in identifying features in the gaming industry that increasingly mirror traditional banking and payment methods.
