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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

South carolinaUnited statesBrad rustinFinancial services regulatory practice at nelson mullinsConsumer finance protection bureauCivil investigative demandWall street journalrevealedFinancial services regulatory practiceNelson mullinsWashington examinerFair debt collection practices actதெற்கு கரோலினாஒன்றுபட்டது மாநிலங்களில்பிராட் ரஸ்டின்நிதி சேவைகள் ஒழுங்குமுறை ப்ர்யாக்டீஸ் இல் நெல்சன் முல்லின்ஸ்நுகர்வோர் நிதி ப்ரொடெக்ஶந் பணியகம்