PayPal sues US regulator over ‘confusing’ prepaid card rules

PayPal is a hugely popular option for transferring funds, but the legal status of digital payment systems continues to be contentious. As reported by the Wall Street Journal, PayPal is suing the consumer protection agency for the financial sector in the US, the Consumer Financial Protection Bureau (CFPB). The company is challenging regulations introduced by the CFPB in April this year which required PayPal accounts and other digital wallets to guarantee the same consumer protections as prepaid credit cards.