A federal appeals court overturned PayPal Holdings Inc.’s victory in a lawsuit challenging the CFPB’s model disclosures that companies could use to comply with the agency’s prepaid card regulation.
The Consumer Financial Protection Bureau’s prepaid card regulation didn’t mandate specific fee disclosures for digital wallet products offered by companies like PayPal, the US Court of Appeals for the DC Circuit said in a Friday ruling.
The agency only provided a model that companies could use while giving them the option to develop their own, similar disclosures, a three-judge panel ruled unanimously.
Provding companies with the ability to craft disclosures “substantially ...
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