Paypal’s Win In DC Federal Court Dismantling Part Of The Prepaid Accounts Rule To Be Tested On Appeal

LexisNexis (April 7, 2021, 2:27 PM EDT) -- For years, payments giant PayPal wrangled unsuccessfully with the Consumer Financial Protection Bureau (Bureau or CFPB) over its decision to treat certain types of “digital wallets” capable of storing funds as “prepaid accounts” subject to the Bureau’s prepaid accounts rule. After the Bureau finalized its prepaid accounts rule, PayPal brought a lawsuit in the United States District Court for the District of Columbia challenging two key provisions of the final prepaid rulemaking....