The U.S. Consumer Financial Protection Bureau (CFPB) is looking into unauthorized fund transfers on social payments platform Venmo, according to documents filed with the Securities and Exchange Commission (SEC). The CFPB issued a documents request to Venmo’s parent company PayPal on Jan. 21.
PayPal disclosed the request in its most recent 10-K filing with the SEC. The CFPB is asking for documents related to Venmo’s “unauthorized funds transfers and collections processes, and related matters.” PayPal is cooperating with the requests for documents and written answers, according to the 10-K.
The news of the CFPB’s Venmo-targeted request comes just two days after PayPal said on its Q4 earnings call that it would be adding support for cryptocurrencies to Venmo “in the coming months.” PayPal also said that it intends to devote a new business unit to cryptocurrency.