Money Transmitters Face Ambiguity In State, Federal Law

By Madison Thompson (December 3, 2018, 12:23 PM EST) -- Venmo's business model, which combines traditional payment processing with social media features, has caused the company compliance headaches. Over the past five years, Venmo has been the subject of enforcement actions by both federal and state actors, including the Federal Trade Commission, the Texas attorney general and the California commissioner of Business Oversight. This article will provide an overview of the applicable oversight regime through which these entities have sought enforcement actions against Venmo and provide insight for other money transmitters navigating the regulatory space....

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