The legal dust-up between PayPal and the Consumer Financial Protection Bureau (CFPB) over digital wallets has notched a win in PayPal’s favor. As reported this week, U.S. District Judge Richard J. Leon ruled that the CFPB “had no rational justification” for placing digital wallets under the rule’s “short-form” fee disclosure requirements. Per the ruling, and …
PayPal won a legal victory against the U.S. consumer protection watchdog. According to court documents cited in a Friday (March 29) Law 360 report, U.S. District Judge Richard J. Leon tossed out an aspect of the so-called “prepaid rule” for digital wallets that went into effect five years ago and became the center of PayPal’s case …
House Republicans took aim at the Consumer Financial Protection Bureau (CFPB) at a Wednesday hearing over its proposed rule regulating financial services like digital wallets and payment apps. The agency announced its proposal to supervise the nonbank financial technology in November, with CFPB Director Rohit Chopra saying the rule “would crack down on one avenue …