PayPal agrees to settle US Justice Department probe over civil rights violations
Crypto Briefing
PayPal settled a US Justice Department probe regarding its 2020 minority-focused grant program by shifting to sector-based eligibility criteria.Summary
PayPal has reached a settlement with the US Department of Justice regarding its 2020 Economic Opportunity Fund, which targeted Black and minority-owned businesses. The investigation explored whether the fund's race-based eligibility criteria violated the Equal Credit Opportunity Act. While PayPal admitted no wrongdoing and paid no fines, the settlement requires the company to replace its race-based program with a new Small Business Initiative focused on veteran-owned companies and specific industries like manufacturing and technology. This resolution provides a template for corporations to design financial support programs based on sector or geography rather than demographic criteria.
(Source：Crypto Briefing)