Shopper safety company investigating Venmo’s assortment practices

In this photo illustration the Venmo - Share Payments logo...
Photograph Illustration by Rafael Henrique/SOPA Photographs/LightRocket through Getty Photographs

The Shopper Finance Safety Bureau is investigating cash switch app Venmo over the best way it handles collections, a brand new regulatory submitting reveals. First reported by The Wall Avenue Journal, the submitting reveals Venmo proprietor PayPal obtained a Civil Investigative Demand from the CFPB on January 21st, “associated to Venmo’s unauthorized funds transfers and collections processes, and associated issues.”

PayPal mentioned in an announcement emailed to The Verge that it was working “productively with the CFPB to supply data, as requested, on our practices and processes.” The assertion added that Venmo “stays deeply dedicated to its compliance obligations and the corporate works intently with regulators all over the world.”

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