The Federal Trade Commission and PayPal agreed to a settlement on charges alleging the company misled customers over privacy settings and the ability to transfer funds. The FTC charges accused PayPal of violating the Gramm-Leach-Bliley Act’s Safeguards and Privacy Rules by misrepresenting the extent of how Venmo users could control the privacy of their transactions, as well as failing to notify users that transactions could be frozen or removed for review. As part of the settlement, PayPal will be prohibited from misleading users on privacy settings and the security procedures it implements. Meanwhile, the U.S. Senate Commerce Committee will vote on the four Federal Trade Commission nominees Wednesday.
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