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In a significant legal victory for PayPal, US District Judge Richard Leon in Washington, D.C., ruled in favor of the digital payment giant, striking down attempts by the Consumer Financial Protection Bureau (CFPB) to impose certain disclosure and waiting-period rules on digital wallets, akin to those applied to physical prepaid payment cards. This decision underscores a critical examination of the CFPB's efforts to regulate digital financial services, with implications for how digital wallets may be treated under financial regulations moving forward.
PayPal won its lawsuit against a rule requiring it to disclose fees associated with digital wallets, after US District Judge Richard Leon in D.C. ruled the CFPB had no basis for treating the accounts the same as prepaid cards https://t.co/80v1qWAI6b https://t.co/5SbEahUvMf
PayPal won its lawsuit against a rule requiring it to disclose fees associated with digital wallets, after a judge ruled the U.S. Consumer Financial Protection Bureau had no basis for treating the accounts the same as prepaid cards https://t.co/80v1qWAagD https://t.co/ysW1B5QATl
A judge in Washington, D.C. ruled in favor of PayPal and said that the part of a rule requiring prepaid card providers to use a specific format to disclose fees for actions such as withdrawals and balance inquiries does not apply to digital wallets https://t.co/80v1qWAI6b https://t.co/WiI4hNKdsE
