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Billions of dollars stored on popular payment apps may lack federal insurance, US CFPB says

( June 1, 2023, 17:24 GMT | Official Statement) -- MLex Summary: The US Consumer Financial Protection Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis found that funds stored on such apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage. The CFPB also issued a consumer advisory for customers holding funds in these apps.Statement follows in full. Also see document below. ...

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