PayPal Warned Over Speech Restrictions by Federal Financial Regulator
A top federal financial regulator said he was considering investigating PayPal for a policy that it has now rescinded that would fine users $2,500 for spreading misinformation.
Consumer Financial Protection Bureau Director Rohit Chopra told CNBC suggested that the policy, which PayPal said over the past weekend was issued in error, was too extreme.
I ve never actually never heard of a payment system thinking that it could fine someone for legal expression that their users are making, Chopra told the outlet on Wednesday.
We have ordered most of the major Big Tech firms and payment companies to provide us with information about how are they making decisions about who they kick off their platforms, Chopra stated. But we also need to look into whether they believe they can be fining users for legal activity.
Chopra said the Consumer Financial Protection Bureau would have to investigate the matter and would not act yet. However, he noted it might be new territory for the agency to investigate.
On Sunday, the San Jose, California-based payment services firm said that an acceptable use policy recently went out in error that included incorrect information.
“Incorrect information.” I’ll say.