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Far left wants to crush PayPal, Zelle and you can take that to the bank Payment processors like PayPal and Zelle are targeted by far left that wants to replace them with government
Fox news ^ | August 28, 2024 | Lynn Westmoreland

Posted on 09/03/2024 5:28:25 AM PDT by daniel1212

Many Americans were surprised to recently see a coalition of the country’s most radical politicians — Sen. Elizabeth Warren, D-Mass., Rep Maxine Waters, D-Calif., and Sen. Richard Blumentha l, D-Conn., to name a few — teaming up to introduce heavy-handed legislation against the peer-to-peer payment companies (like PayPal, Venmo, Zelle and CashApp) that have improved all our lives. Blumenthal even went so far as to dispatch a separate letter to the head of the Consumer Financial Protection Bureau (CFPB) demanding an investigation into Zelle...

The Biden administration brass, especially CFPB Director Rohit Chopra, have fought aggressively to convince the American people to stop using PayPal, Zelle and the like as "substitutes for a traditional bank or credit union account,"...

. Left with no other options to get their way other than government coercion, the administration handed the ball off to its favorite relief pitchers in Congress — Warren, Waters and Blumenthal — to reshape the nation’s laws in their favor.

The resulting new bill that this left-wing cabal released, the Protecting Consumers from Payment Scams Act, would put peer-to-peer payment processors on the hook for every single instance of scamming that occurs on their platform....

The legislation’s sponsors claim this bill is necessary to protect public safety, but everyone knows this argument is completely nonsensical. Scams don’t even comprise a single percentage point of the transactions on these platforms.

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Front Page News; Government; Politics/Elections
KEYWORDS: arrestrohitchopra; cfpb; consumerprotection; doxanddestroy; doxrohitchopra; elizabethwarren; enemieslist; finance; maxinewaters; paypal; regulations; richardblumenthal; rohitchopra; zelle
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1 posted on 09/03/2024 5:28:25 AM PDT by daniel1212
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To: daniel1212

Crypto currencies will be next.


2 posted on 09/03/2024 5:36:44 AM PDT by mfish13 (Elections have Consequences.)
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To: daniel1212
"The resulting new bill that this left-wing cabal released, the Protecting Consumers from Payment Scams Act, would put peer-to-peer payment processors on the hook for every single instance of scamming that occurs on their platform...."

##########################

As opposed to the scams perpetrated by government-regulated Federal Reserve member banks (Wells Fargo, Bank of America, et al).

3 posted on 09/03/2024 5:39:36 AM PDT by Eccl 10:2 (Prov 3:5 --- "Trust in the Lord with all your heart, and lean not on your own understanding")
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To: daniel1212

Zelle is owned by a group of banks.


4 posted on 09/03/2024 5:42:09 AM PDT by JSM_Liberty
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To: daniel1212

More and more moves to consolidate power and control over the people.


5 posted on 09/03/2024 5:45:50 AM PDT by Erik Latranyi (This is the end of the Republic....because we could not keep it.)
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To: daniel1212

I thought PayPal was a darling of the left given some policies that they put in place a couple of years ago.


6 posted on 09/03/2024 5:46:59 AM PDT by NewHampshireDuo ( )
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To: JSM_Liberty

I LOVE Zelle. Several of my tenants pay through Zelle directly into my rental account. No clawbacks!


7 posted on 09/03/2024 5:48:46 AM PDT by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: daniel1212

“PSI’s investigation has found that Zelle’s three largest owner banks reimbursed victims who reported fraud only 38 percent of the time in 2023—a decline from 62 percent in 2019. In terms of dollar value, this translates to over $100 million worth of transactions disputed as fraud not reimbursed each year from 2021 through 2023.

“PSI also found that, in 2020, JPMorgan reimbursed just three transactions out of 41,390 scam disputes that year, Wells Fargo did not reimburse any of the 25,061 scam disputes, and Bank of America did not track scam data as a separate dispute category until the second half of 2020. In 2023, the Three Banks reimbursed victims of scams only 12 percent of the time.”

https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-warren-and-waters-introduce-legislation-to-protect-consumers-from-payment-scams


8 posted on 09/03/2024 5:49:31 AM PDT by Brian Griffin ("Why didn’t she do it three and a half years ago?”)
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To: NewHampshireDuo

“I thought PayPal was a darling of the left given some policies that they put in place a couple of years ago

It was started by Elon Musk. They hate him now that he supports Trump.


9 posted on 09/03/2024 5:49:51 AM PDT by bk1000 (Banned from Breitbart)
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To: mfish13

Crypto currencies will be next.
———-
US .gov is pursuing a sovereign government cashless currency ( CBDC) and they will attack private digital currencies when “ theirs “ is in place, they hate competition, and want to control with the flip of a switch every penny we spend.

Private digital currency will be first demonized, then taxed ( that is what all this is about- taxes on everything , even the air we breathe) to oblivion, eventually being abolished.

A US government CBDC ( cashless) must be fought with every ounce of strength. It is pure Evil.


10 posted on 09/03/2024 5:50:03 AM PDT by delta7
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To: daniel1212

more:

As payment fraud skyrockets, the legislation would update the Electronic Fund Transfer Act (EFTA) to clarify ambiguities and strengthen the law to better protect consumers harmed when they make payments. Specifically, it would protect consumers when they are defrauded into initiating a payment sent to a bad actor, when they lose funds through fraudulent bank wire transfers, and when their accounts are inexplicably frozen or closed.

“Zelle’s speed and convenience have made it a target for bad actors looking to trick unsuspecting consumers out of their hard-earned money,” said Senator Blumenthal


11 posted on 09/03/2024 5:51:10 AM PDT by Brian Griffin ("Why didn’t she do it three and a half years ago?”)
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To: mfish13

[Crypto currencies will be next.]

I think so too.

The only thing that will be eventually allowed will be government CBDCs all around the world - and those will be eventually combined into a GLOBAL CBDC /shiny side out


12 posted on 09/03/2024 5:51:36 AM PDT by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: Erik Latranyi

[More and more moves to consolidate power and control over the people.]

I say that is prophesied in the Bible - and it will not be stopped from coming - it’s already been written long ago (this would have been from over 2,500 years ago)


Daniel 7:23
King James Version

23 Thus he said, The fourth beast shall be the fourth kingdom upon Earth,
which shall be diverse from all kingdoms,
and shall devour the whole Earth,
and shall tread it down,
and break it in pieces.

https://www.biblegateway.com/passage/?search=Daniel+7%3A23&version=KJV


Daniel 7:24 King James Version

24 And the ten horns out of this kingdom
are ten kings that shall arise:
and another shall rise after them;
and he shall be diverse from the first,
and he shall subdue three kings.

https://www.biblegateway.com/passage/?search=Daniel+7%3A24&version=KJV


10 kings - likely directing 10 divisions (IMHO)

The little horn shall subdue 3 of the kings


13 posted on 09/03/2024 5:56:27 AM PDT by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: Erik Latranyi

More and more moves to consolidate power and control over the people.
—————
Keep in mind the next financial crisis ( now looking to be historic) will have people begging for a CBDC ( cashless system)….they will say your SS, Pensions, 401’s are now worthless or worth much less, BUT we can fix it by going to our cashless system, it will “ save” the system.

The masses will flock to it, just look at the Covid vax hoax panic- the masses flocked to a dangerous and ineffective jab.


14 posted on 09/03/2024 5:57:36 AM PDT by delta7
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To: daniel1212

Across ‘The Pond’:

The new requirements will prompt a step change in the culture of payments to improve fraud prevention and focus all firms on protecting people.

There will be new rules in Faster Payments – the payment system across which the vast majority of APP fraud currently takes place – strengthening Pay.UK’s ability to tackle fraud.

All payment firms will be incentivised to take action, with both sending and receiving firms splitting the costs of reimbursement 50:50.

Customers will be more protected under consistent minimum standards, with most APP fraud victims being reimbursed within five business days and additional protections offered for vulnerable customers.

Industry will have clearer guidance to follow, including around the ability to apply a claim excess and maximum level of reimbursement

https://www.psr.org.uk/our-work/app-scams/


15 posted on 09/03/2024 5:57:52 AM PDT by Brian Griffin ("Why didn’t she do it three and a half years ago?”)
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To: daniel1212

Ironic since the founder of Pay Pal is a lefty and a huge contributor to the democrat party.


16 posted on 09/03/2024 5:58:56 AM PDT by MNnice
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To: delta7

[A US government CBDC ( cashless)]

This commercial says it was signed by EO 14067 by Democrat Joe Biden in 2022 - surprisingly, YouTube kept recommending this and I finally watched it way back


Biden’s EO 14067

This video is actually worth watching the portion I recommend - this ain’t going away


Biden already signed EO 14067 March 9, 2022.

The Digital Dollar will save us! Yeah, That’s the ticket!

(worth it to watch just the first 17 minutes - there will be no way to “prosper”, though)

Yes, I recommend watching the first 17 minutes of this video


The Jim Rickards Commercial - Jul 5, 2022

https://youtu.be/fCfzQNhi_ns?t=0

(Google’s YouTube, amazingly, kept popping this up on my recommended playlist on the side - so I finally watched the beginning of it - ignore the sales pitch and watch the first part I recommended above)


17 posted on 09/03/2024 5:59:47 AM PDT by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: daniel1212

FASCISM


18 posted on 09/03/2024 5:59:58 AM PDT by knarf
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To: bk1000
It was started by Elon Musk.

Not true. https://en.wikipedia.org/wiki/PayPal

19 posted on 09/03/2024 6:02:04 AM PDT by Fresh Wind (Fake news, fake election, fake president, real tyranny.)
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To: daniel1212

Paypal itself is far left so I’d be quite happy to see them crushed.


20 posted on 09/03/2024 6:02:54 AM PDT by FLT-bird
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