CFPB Takes Action Against PayPal for Illegally Registering People for Excessive On The Web Credit

PayPal to Refund $15 Million to customers and Spend $10 Million Fine

WASHINGTON, D.C. — Today the customer Financial Protection Bureau (CFPB) filed a complaint and proposed permission order in federal court against PayPal, Inc. for illegally registering customers for the credit that is online product PayPal Credit, previously called Bill Me Later. The CFPB alleges that PayPal deceptively marketed marketing advantages it neglected to honor, finalized customers up for credit without their authorization, made them make use of PayPal Credit in place of their favored repayment technique, then mishandled payment disputes. Read more ›

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