PayPal off hook in CFPB probe into Venmo fund transfers
By 
Kyle Brasseur2024-05-02T16:24:00
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau (CFPB) probe into its subsidiary Venmo.
PayPal said it received investigative demands from the CFPB “related to Venmo’s unauthorized funds transfers and collections processes and related matters, including treatment of consumers who request payments but accidentally designate an unintended recipient.” The company responded to requests for documents and answers to written questions from the agency.
In March, the CFPB told PayPal it was concluding its inquiry without taking action, the company said in a regulatory filing Tuesday.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefCFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
-
News BriefCFPB rule streamlines nonbank supervision designation process
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
-
News BriefCFPB exercises power to supervise installment lender World Acceptance
Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.