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Financial Services Industry PayPal Prepaid Payment Products

Ballard Spahr LLP

DC federal court vacates CFPB’s prepaid card short-form disclosure for digital wallet products

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The D.C. federal district court has granted PayPal’s motion for summary judgment in its lawsuit challenging the CFPB’s prepaid card rule (Prepaid Rule) and vacated the Prepaid Rule’s short-form disclosure requirement as...more

Ballard Spahr LLP

DC Circuit Rules CFPB Prepaid Card Rule Does Not Mandate Use of “Model Clause”

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The U. S. Court of Appeals for the D.C. Circuit held that the CFPB’s prepaid card rule (Prepaid Rule) does not mandate a “model clause.” The ruling was made in the lawsuit that PayPal, one of the largest digital wallet...more

Goodwin

DC Circuit Holds CFPB Did Not Exceed Statutory Authority with the Prepaid Rule

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​​​​​​​On February 3, 2023, the U.S. Court of Appeals for the District of Columbia Circuit (DC Circuit) issued a decision regarding the disclosure requirements of the Consumer Financial Protection Bureau’s (CFPB) Prepaid...more

Eversheds Sutherland (US) LLP

DC Circuit Court of Appeals to rule on PayPal’s challenge to CFPB’s Prepaid Rule

In December 2019, PayPal, Inc. filed suit in the US District Court for the District of Columbia challenging the CFPB’s authority to issue two provisions of the so-called prepaid rule, which governs consumer financial products...more

Goodwin

PayPal Sues CFPB Over Prepaid Rule

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On December 11, 2019, PayPal filed a complaint in the United States District Court for the District of Columbia over the “Prepaid Rule” that went into effect in April 2019.  PayPal, Inc. v. Consumer Financial Protection...more

Ballard Spahr LLP

CFPB moves for summary judgment in PayPal lawsuit and opposes PayPal’s summary judgment motion

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In filings submitted last week, the Consumer Financial Protection Bureau (the Bureau) both opposed and moved for summary judgment in PayPal, Inc. v. Consumer Financial Protection Bureau, asking the court to put an end to...more

Ballard Spahr LLP

PayPal files summary judgment motion in lawsuit against CFPB challenging prepaid card rule

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PayPal has filed a motion for summary judgment in its lawsuit against the CFPB seeking to invalidate the Bureau’s prepaid card rule (“Rule”).  The Rule became effective on April 1, 2019....more

Ballard Spahr LLP

PayPal files lawsuit against CFPB challenging prepaid card rule

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PayPal filed a lawsuit against the CFPB last week in the D.C. federal district court seeking to invalidate the Bureau’s prepaid card rule (“Rule”).  The Rule became effective on April 1 of this year....more

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