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PayPal Says Venmo Being Probed by Consumer-Banking Watchdog (2)

Feb. 5, 2021, 4:21 PM

PayPal Holdings Inc. said regulators are investigating the company’s popular person-to-person payments app Venmo.

The Consumer Financial Protection Bureau is probing Venmo’s processes for collections and unauthorized fund transfers, PayPal said in an annual regulatory filing. The payments giant said that the agency requested documents and answers to written questions in a civil investigative demand PayPal received on Jan. 21.

“We are cooperating with the CFPB,” PayPal said in the filing Friday. Tia Elbaum, a spokesperson for the bureau, declined to comment on its investigation.

The company’s shares fell 1.3% to $266.91 at 11:09 a.m. in New York. They ...