PayPal Holdings Inc said on Friday it received a civil investigative demand from the U.S. Consumer Financial Protection Bureau related to its app Venmo's alleged unauthorized fund transfers and collections processes.
By Reuters Staff
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FILE PHOTO: The PayPal app logo is seen on a mobile phone in this illustration photo, Oct. 16, 2017. REUTERS/Thomas White/File Photo
(Reuters) - PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes.
The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. (bit.ly/3tsOHn1)
Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc.
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PayPal says US consumer watchdog investigating payment app Venmo
File photo of the German headquarters of the electronic payments division of PayPal. (File photo: Reuters/Fabrizio Bensch)
05 Feb 2021 09:05PM (Updated:
05 Feb 2021 09:20PM) Share this content
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NEW YORK: PayPal Holdings said on Friday (Feb 5) it was cooperating with the US consumer watchdog regarding a civil investigation demand relating to its app Venmo s alleged unauthorised fund transfers and collections processes.
The demand from the US Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing.
PayPal Says It s Cooperating With CFPB Investigation Into Venmo
The Consumer Financial Protection Bureau is investigating unauthorized fund transfers and collections processes on Venmo.
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PayPal Holdings (
PYPL) - Get Report is cooperating with consumer watchdog the U.S. Consumer Financial Protection Bureau (CFPB) in a civil investigation relating to to its Venmo fund transfer app.
The CFPB demanded information for a civil investigation involving Venmo s alleged unauthorized fund transfers and collections processes, according to a PayPal regulatory filing made on Friday. The civil investigative demand (CID) from the CFPB was originally made on Jan. 21, PayPal said.
Shares of PayPal were down 1.7% to $265.89 on Friday morning after rising 7.3% on Thursday following a strong fourth-quarter earnings report.