Tag:venmo

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CFPB Raises Alarms Without Providing All the Facts

CFPB Raises Alarms Without Providing All the Facts

By Judie Rinearson and Jeremy McLaughlin

The Consumer Financial Protection Bureau’s (CFPB) recent Consumer Alert was certainly well intentioned. Many consumers (including the authors) who hold funds in payment apps (such as Venmo and Paypal) should be made aware that the funds are usually NOT held in an FDIC-insured bank.  But that doesn’t mean the funds are necessarily unprotected.

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