CFPB Warns: Billions of Dollars Stored on Payment Apps May Lack Federal Insurance

CFPB | Release | Jun 1, 2023 Agency issues notice to consumers advising them to transfer balances to insured banks and credit unions Safety Concerns for Funds Stored on Payment Apps: The Consumer Financial Protection Bureau (CFPB) has highlighted the potential risk associated with funds stored on popular digital payment apps. These apps, including PayPal,

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