PayPal Sues CFPB Over Recent Digital Wallet Rule Change

By Dean Seal (December 12, 2019, 11:23 AM EST) -- PayPal has opened fire on an eight-month-old rule from the Consumer Financial Protection Bureau that treats digital wallets the same as prepaid debit cards, saying it has led to customer confusion that the agency should have seen coming.

In a lawsuit in D.C. federal court on Wednesday, the payments giant challenged a rule implemented in April that requires the same regulatory disclosures for digital wallets and prepaid debit cards.

PayPal claims it engaged extensively with the CFPB during its rulemaking process to provide evidence that digital wallets, like the ones offered by itself, Google and Apple, are fundamentally different from reloadable...

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