CFPB proposes rule for nonbank payments oversight

Consumer Financial Protection Bureau issued Proposed rule affecting PayPal on November 30, 2023.

Primary

Consumer Financial Protection Bureau

Counterparty

PayPal

Structure

Proposed rule

Date

November 30, 2023

Sub-sector

Payments

CFPB proposed rule would subject large nonbank payment companies to examiner reviews and compliance monitoring for federal money-transfer laws and unfair/deceptive conduct.

Primary company

Consumer Financial Protection Bureau

Counterparty

PayPal

Amount

Not disclosed

Event date

November 30, 2023

Sub-sector

Payments

HQ

Not disclosed

Structure

Proposed rule

Source published

December 1, 2023

Publisher

InvestorPlace

Source: investorplace.com