PayPal put out a new policy which would fine users $2,500 dollars if they were found promoting misinformation.
Then, they walked it back.
A spokesperson said the policy went out in error and the company would not be fining people for misinformation.
After major backlash, PayPal reversed course and said they will not be fining people $2,500 for spreading ‘misinformation.’
In its newly updated policy, PayPal announced it will begin fining users $2,500 directly from their accounts if they are found to be spreading “misinformation.”
In 2020, PayPal changed its policy and users were compelled to agree to a $2,500 PayPal fine if they violated the PayPal acceptable use policy.
On September 26th, the financial service announced some changes to certain agreements.
The Consumer Financial Protection Bureau is now investigating.
That hasn’t stopped the head of the federal government’s top consumer watchdog agency from keeping a close eye on these developments and looking into how major financial technology firms dictate how consumers engage with their platform, what constitutes a violation, and what the repercussions, including damages or fines, will be.
Consumer Financial Protection Bureau chief Rohit Chopra is concerned about Paypal fining users.
He is running the Consumer Financial Protection Bureau started by Elizabeth Warren — and got no GOP votes to confirm him.
Partial Transcript below:
Well this is different. Consumer Financial Protection Bureau chief Rohit Chopra is concerned about PayPal and big tech kicking people off their platforms and/or fining them for lawful behavior. @chopracfpb pic.twitter.com/yptvU89emE
— Matt Stoller (@matthewstoller) October 12, 2022
From the video:
“I’ve never actually heard of a payment system thinking they could fine someone for legal expression that their users are making…We have ordered most of the big tech firms and payment companies to provide us with information about how are they making decisions about who they take off their platforms but we also have to look into whether they believe they can be fining users for legal activity.”
It’s time to take a stand against Big Tech censorship!