CFPB Highlights Risks of Storing Funds in Digital Payment Apps

On June 1, the CFPB published an issue spotlight and a consumer advisory detailing the risks associated with storing funds on digital payment apps, particularly in the event of a platform’s financial distress. Specifically, the issue spotlight presented the following findings with respect to consumer funds stored on payment apps:……
By: Sheppard Mullin Richter & Hampton LLP