An update to a policy for PayPal users said those promoting misinformation could be subject to damages of $2,500 dollars drew sharp criticism last weekend – and the company’s stock price tumbled at the start of the week.
Then, a PayPal spokesperson said that the notice “went out in error” and included “incorrect information,” adding “PayPal is not fining people for misinformation.”
That hasn’t stopped the head of the federal government’s top consumer watchdog agency from keeping a close eye on these developments and looking into how major financial technology firms dictate how consumers engage with their platform, what constitutes a violation, and what the repercussions, including damages or fines, will be.
In an exclusive interview with CNBC senior personal finance correspondent Sharon Epperson, Chopra shares how the CFPB is looking into the facts of the PayPal case.
Source : CNBC