PayPal faces $25mln sanction over illegal credit sign-upsMay 19, 2015 - 21:04 AMT PanARMENIAN.Net - Federal regulators are proposing that PayPal Inc. pay $25 million to resolve allegations that it illegally signed up customers for its online credit product, used misleading advertising and mishandled billing disputes, the Associated Press reports. The Consumer Financial Protection Bureau announced Tuesday its proposed consent order against the digital payments processor. If the order is approved by a federal judge in Maryland, PayPal would refund $15 million to customers and pay a $10 million fine. PayPal, based in San Jose, California, is a division of eBay Inc. The two companies plan to separate. The CFPB said that PayPal signed up customers without their permission for the online credit product, formerly known as Bill Me Later and now called PayPal Credit. PayPal also failed to post payments properly and lost payment checks, the agency said. "PayPal Credit takes consumer protection very seriously," PayPal spokeswoman Amanda Christine Miller said in a statement. "We continually improve our products and enhance our communications to ensure a superior customer experience. Our focus is on ease of use, clarity and providing high-quality products that are useful to consumers and are in compliance with applicable laws. " Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |