PayPal Is Not A Bank

from the amazing,-but-true dept

The FDIC has announced that PayPal is not a bank, and thus hasn’t been violating various banking laws. I’m a little surprised about this as I thought federal regulators looking to crack down on internet scams might take a hardline on PayPal. The question now is whether or not the FDIC’s opinion will have any influence on state regulators, such as in Louisiana, where they’ve already asked PayPal to stop doing business until they have the correct licenses for money transferring.

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