PayPal Looks For Win In Challenge To CFPB's Prepaid Rule

Law360 (May 7, 2020, 7:09 PM EDT) -- PayPal Inc. moved Wednesday to bring its D.C. federal court challenge to the Consumer Financial Protection Bureau's prepaid rule to a swift conclusion, stressing that the agency made a "fundamental category error" in subjecting digital wallets to the same standards as plastic payment cards carried in stores.

In a bid for summary judgment, the California-based online payments giant pressed its case for U.S. District Judge Richard Leon to overturn the CFPB's 2016 rule, which took effect last year and set out certain fee disclosure requirements, credit-linking restrictions, and other consumer protections for prepaid cards and digital wallets.

PayPal, a major digital...

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