In June 2014, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information related to mobile banking and financial management services. The CFPB was established by Congress to protect consumers by carrying out federal consumer financial laws. PayPal works closely with the CFPB on issues related to digital payments and mobile banking and responded to the CFPB’s Request for Information with a letter. The letter noted that PayPal’s users are increasingly turning to mobile devices to conduct all manner of financial transactions. In addition, the letter explained that mobile technology provides opportunity to financial services providers to expand the reach of their services to a broader user base. PayPal reiterated that the company shares CFPB’s vision for providing consumers with strong protections and will continue to be an industry leader in this area.
September 23, 2014