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PayPal will refund $15 million to customers if the CFPB has its way
The Consumer Financial Protection Bureau alleges that PayPal engaged in unfair, abusive and deceptive practices in the marketing and management of its PayPal Credit service, formerly known as Bill Me Later. To rectify the (many) outlined abuses, the CFPB filed a complaint and proposed consent order that directs PayPal to refund $15 million to affected consumers, plus pay a $10 million fine to the CFPB's Civil Penalty Fund. The proposed consent order isn't an official ruling just yet -- a judge with the US District Court for the District of Maryland must approve the order for it to be enforced.
