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By: Vorys, Sater, Seymour and Pease LLP.
The Federal Trade Commission (FTC) has announced a settlement with PayPal, Inc., operating as Venmo, over alleged violations of the Federal Trade Act and the Gramm-Leach-Bliley Act (GLBA). The FTC’s allegations center around Venmo’s disclosures to consumers about funds availability, its privacy practices and its data security practices. The settlement should serve as a warning to all financial institutions to be careful in the development and administration of “apps” and online consumer services, and to be careful about the business practices of acquired companies. Read more.
