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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 sp ....
Fed won praise for 2020 crisis response, but will its hands be tied in '21? americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.