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DOJ Settles with PayPal for $30 Million Over DEI-Focused Small Business Program
NEWS
5/27/2026AI summary

DOJ Settles with PayPal for $30 Million Over DEI-Focused Small Business Program

The U.S. Department of Justice has reached a $30 million settlement with PayPal over its 2020 Economic Opportunity Fund that targeted Black- and minority-owned businesses. As part of the agreement, PayPal will launch a new Small Business Initiative that waives fees on $1 billion in transactions for small businesses including veteran-owned, farming, manufacturing, and technology firms, without using diversity, equity, and inclusion language.

E
Engadget
PayPal to Spin Off Venmo as Standalone Segment, Hires Digital Banking Lead
Developing
Business·4/29/2026AI summary

PayPal to Spin Off Venmo as Standalone Segment, Hires Digital Banking Lead

PayPal CEO Enrique Lores is reorganizing the company into three segments, making Venmo a standalone unit to track performance or potentially sell the business. The company is recruiting a digital banking executive to lead Venmo, which has nearly 100 million users and is viewed as PayPal's most valuable asset. Two key executives are departing as the company faces pressure from competitors Apple, Google and Stripe and potential layoffs.

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CNBC