In the Matter of PayPal, Inc., File No. 1623102
PayPal, and by extension Venmo, behave as if they are a bank, and offer money transfer services, payment processing services, and maintain account balances as if they were a bank. Yet they are not subject to the regulation an actual bank is, and they have a bad habit of playing keep-away with people's transferred funds and account balances. As more and more consumers rely on digital payment processors and platforms, we need companies like PayPal to be subject to the same regulations as traditional banks.