PayPal Holdings, Inc.
|Company Name||PayPal Holdings, Inc.|
On July 29, 2021, PayPal filed a quarterly report for the second quarter of 2021, which disclosed investigations by the U.S. Securities and Exchange Commission (“SEC”) and the Consumer Financial Protection Bureau (“CFPB”). PayPal “has responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to the bank that issues debit cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company's branded card program.” PayPal also disclosed receipt of Civil Investigative Demands from the CFPB “related to Venmo's unauthorized funds transfers and collections processes, and related matters” and “to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services.”
On this news, PayPal's stock price fell $18.81 per share, or 6%, to close at $283.17 per share on July 29, 2021, thereby injuring investors.
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