Brad Rustin is a lawyer at Nelson Mullins law firm in their South Carolina office. Brad focuses on bank and non-bank partnerships involving white-label deployments, FinTech partnerships, or payments and lending partnerships.
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PayPal-owned Venmo faces scrutiny for its collection practices by Christopher Hutton Print this article
The mobile finance app Venmo recently drew attention due to a recent regulatory filing that takes a closer look at the company s collection practices. The Consumer Finance Protection Bureau filed a Civil Investigative Demand against Venmo s owner, PayPal, on Jan. 21. The filing states that its intent to take an extended look at Venmo s practices is related to Venmo s unauthorized funds transfers and collection processes, and related matters.
The process in question involves the app s handling of collections. Suppose an account overdraws too much money. In that case, Venmo would hand it over to the bank s collections account. This overdrawing of funds can happen, particularly in large purchases. The funds transferring may require a day to move from the user s bank account to the other party. That means that Venmo has to cover the specific money trans
FINRA Board Appoints Deborah Bailey And Kathryn Ruemmler As Newest Governors Date
08/01/2021
The FINRA Board of Governors has appointed Deborah Bailey and Kathryn Ruemmler as new Governors. Bailey will serve as a public member, and Ruemmler as an industry member.
Bailey is the former Managing Director with KPMG s Financial Services Regulatory Practice, where she served as the U.S. and Global Leader for Regulatory Solutions Development. Prior to joining KPMG, she spent five years at Deloitte, where she launched and led a new practice that melded banking and securities into a single focus area. Prior to her consulting career, Bailey was Deputy Director of Bank Supervision and Regulation at the Federal Reserve and reported directly to Federal Reserve Chairman Ben Bernanke during and after the financial crisis, helping steer banking regulations and supervisory practices to restore confidence and maintain the health of the financial system. She had previously held various positio