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Digital Daily DownloadFebruary 08, 2021

Big Tech Update

What you need to know about the Consumer Finance Protection Bureau’s investigation of Venmo

The Consumer Finance Protection Bureau (CFPB) has officially launched an investigation of the app Venmo over the way it handles collections.  On January 21 of this year, Venmo’s parent company PayPal received a Civil Investigative Demand from the CFPB. The investigation stems from Venmo’s use of unauthorized funds transfers, questionable collections processes, and other related items. 

The investigation comes on the heels of a record year for PayPal and Venmo. PayPal has a net income of $1.57 billion, which is up $507 million from last year. Venmo saw a 32 percent jump in users this past year, but now users are beginning to complain and worry about the app’s unfair collections practices.  How did Venmo and PayPal react to the investigation?

The Venmo logo on a smartphone screen
Image source: Rafael Henrique / SOPA Images / LightRocket via Getty Images

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