- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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.
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.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
