- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-02T16:24:00
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau (CFPB) probe into its subsidiary Venmo.
PayPal said it received investigative demands from the CFPB “related to Venmo’s unauthorized funds transfers and collections processes and related matters, including treatment of consumers who request payments but accidentally designate an unintended recipient.” The company responded to requests for documents and answers to written questions from the agency.
In March, the CFPB told PayPal it was concluding its inquiry without taking action, the company said in a regulatory filing Tuesday.
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The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
