![]() Regulators tell companies this is how they protect their reputation which is important for risk. That manifests itself in whom a lender might approve for a mortgage to where a bank places its branches. They simply deem certain activities to be ‘risky’ or suggest that compliance with those objectives will make life easier or harder for the institution. Regulators push financial institutions to adhere to their own policy objectives, without legislation or even explicit regulation. Fundamentally however it’s not that PayPal has ‘gone woke’ as much that they (1) want terms and conditions which give them broad flexibility to respond to the woke mob, and (2) more importantly to regulators. PayPal isn’t a service that many who have paid attention have trusted in a long, long time. The mistake seems to be not having realized that people would have paid attention to fine print, or that there would have been a backlash. Citibusiness online update#Ironically PayPal says that their own terms and conditions update was misinformation! It would have gone through rounds of lawyers and layers of approvals. We’re sorry for the confusion this has caused.” PayPal has already backed off, claiming the update to its terms and conditions was a mistake. This policy was roundly criticized online, including by a former President of PayPal and by Elon Musk who himself is formerly CEO of PayPal. dollars per violation, which may be debited directly from your PayPal account(s) as outlined in the User Agreement… Violation of this Acceptable Use Policy constitutes a violation of the PayPal User Agreement and may subject you to damages, including liquidated damages of $2,500.00 U.S. race, religion, gender or gender identity, sexual orientation, etc.) (f) present a risk to user safety or wellbeing, (g) are fraudulent, promote misinformation, or are unlawful, (h) infringe the privacy, intellectual property rights, or other proprietary rights of any party, or (i) are otherwise unfit for publication. You may not use the PayPal service for activities that…involve the sending, posting, or publication of any messages, content, or materials that, in PayPal’s sole discretion, (a) are harmful, obscene, harassing, or objectionable, (b) depict or appear to depict nudity, sexual or other intimate activities, (c) depict or promote illegal drug use, (d) depict or promote violence, criminal activity, cruelty, or self-harm (e) depict, promote, or incite hatred or discrimination of protected groups or of individuals or groups based on protected characteristics (e.g. Here’s the relevant update that they posted, promoted, and then removed: After an online backlash they’ve pulled the language from their update. It isn’t clear whether – if your PayPal balance was $0 – they could withdraw funds from your linked accounts, but other areas of its terms would suggest this possibility. If they deemed you to promote messages they objected to 10 times, or to have spread misinformation (in their sole discretion) 10 times, they could take $25,000 from your account. PayPal updated its user agreement, and sent an email to business account customers, explaining that effective November 3 customers would be subject to $2,500 fines per instance of ‘promoting misinformation’ or “sending, posting, or publication of any messages, content, or materials that, in PayPal’s sole discretion, (a) are harmful, obscene, harassing, or objectionable.” ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |