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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

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