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PayPal Files Lawsuit Against CFPB Over New Digital Wallet Rules

Roland James

Summary: PayPal, the leader in online wallet payments, has filed a lawsuit against the US Consumer Financial Protection Bureau (CFPB) because of new rules involving excessively strict and constraining reporting for its digital wallets. The CFPB revealed the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) campaign, which is meant to regulate “pre-paid cards,” ...

PayPal, the leader in online wallet payments, has filed a lawsuit against the US Consumer Financial Protection Bureau (CFPB) because of new rules involving excessively strict and constraining reporting for its digital wallets.

The CFPB revealed the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) campaign, which is meant to regulate “pre-paid cards,” in an attempt to put a stop to money laundering. In PayPal’s lawsuit filed with the United States District Court for the District of Columbia, the company alleges that the new prepaid card laws are wrongly being applied to digit wallets, which run on a completely different principal,

By Roland James

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Link: PayPal Files Lawsuit Against CFPB Over New Digital Wallet Rules   [Copy]
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