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PayPal just got hit with a $25 million fine for signing up users to PayPal Credit without them knowing it

The Consumer Finance Protection Bureau fined PayPal $25 million this week for signing people up for its credit arm, PayPal Credit (previously Bill Me Later), without them realizing it. $15 million of the fine is going toward reimbursing PayPal customers who were erroneously signed up for PayPal Credit, and the other $10 million is a penalty. Show More Summary

CFPB Launches Financial Coaching Program For Transitioning Servicemembers, Financially Underserved

The first step in living a fiscally responsible life is to understand what financial products are available and how they fit into your goals. Or at least that’s the idea behind the Consumer Financial Protection Bureau’s recently launched...Show More Summary

US watchdog says PayPal illegally signed up customers for online credit and should be fined $25m

PayPal has been accused by the US consumer financial watchdog of illegally signing users up for a credit product without their permission, reports Reuters. The Consumer Financial Protection Bureau said in a complaint on Tuesday that the company engaged in deceptive advertising and enrolled customers into its PayPal Credit program. Show More Summary

PayPal To Fork Out $25 Million In Refunds & Fines

It was just yesterday that we heard about how Samsung no longer needs to pay $930 million for its Apple patent case dispute, but when it comes to PayPal, no such luck there. In fact, the Consumer Financial Protection Bureau claims that PayPal has signed up consumers to its credit service known as PayPal Credit without their permission. Show More Summary

PayPal Has to Pay $25 Million for Being Sketchy as Hell

2 days agoTechnology / Gadgets : Gizmodo

After the Consumer Financial Protection Bureau filed a complaint against PayPal today, the company quickly agreed to refund $15 million to customers it ripped off over the past few years. Read more...

PayPal Must Pay $25M In Refunds, Penalties For Illegally Signing Customers Up For Online Credit Product

The Consumer Financial Protection Bureau alleges that online payment platform PayPal signed up customers for PayPal credit accounts without authorization, forced customers to use this credit line instead of their preferred payment methods, and failed to address disputes. Show More Summary

Bankers worried about TRID software hiccups

Many mortgage bankers are still waiting on software vendors to deliver new loan processing systems designed to handle mortgages after Aug. 1, when the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures rule,...Show More Summary

New Reverse Mortgage Rules Open Door To A More Secure Retirement

Owning a home has always been part of the American Dream. Therefore it should be no surprise that home equity represents a large portion of the average retiree’s net worth according to the Consumer Financial Protection Bureau statistics. Now, as many Americans near retirement, properly leveraging that home equity will [...]

Obama's Push to Expand Credit to "Credit Invisibles"

A recently released government study by the Consumer Financial Protection Bureau on "Credit Invisibles" has some interesting facts on people with and without credit histories. Approximately 188.6 million Americans have credit records at one of the NCRAs that can be scored by the commercially-available model. Show More Summary

Debt-Collection Watchdog Faces Debt-Collection Grievance

The U.S. Consumer Financial Protection Bureau has emerged as the federal government's chief watchdog of debt collectors, by fielding, investigating and responding to thousands of complaints from consumers with stories about getting hounded about debts they say they don't owe. Show More Summary

Government opens public inquiry into potentially ‘harmful’ student loan servicing practices

The Consumer Financial Protection Bureau opened a public inquiry Thursday into student loan servicing practices that it says can make paying back loans "stressful or harmful." Continue reading ? The post Government opens public inquiry into potentially ‘harmful’ student loan servicing practices appeared first on PBS NewsHour.

CFPB Begins Probe Of Student Loan Servicers, Signaling Stronger Rules

The Consumer Financial Protection Bureau on Thursday launched a broad review of the often murky business of student loan servicing, questioning whether the roughly 40 million Americans with student debt are being treated fairly under...Show More Summary

Consumer Financial Protection Bureau asks about troubles with student loan servicers

The federal Consumer Financial Protection Bureau on Wednesday announced that it wants to hear from people who have complaints about the companies that service student loans. Click to Continue »

Re/Max CEO asks government to delay enforcing new regulation

In a bid to secure some breathing room for the real estate industry from new regulation, Dave Liniger, CEO of real estate franchisor Re/Max, recently sent an open letter to the Consumer Financial Protection Bureau requesting that the agency delay...

Federal lawsuit takes aim at ‘interest minimizer’ mortgage program

A mortgage payment program that bills itself as “one of the greatest financial secrets of our time” is in hot water with the Consumer Financial Protection Bureau (CFPB), which on May 11 filed a lawsuit in federal court alleging the program misled consumers and made false promises they could save thousands of dollars in mortgage interest...

Sprint to Pay Up to $50 Million to Settle 'Cramming' Lawsuit

Alamy By Jonathan Stempel NEW YORK -- Sprint (S) has agreed to provide as much as $50 million of consumer relief to resolve a U.S. Consumer Financial Protection Bureau lawsuit accusing the phone company of letting third parties tackShow More Summary

CPJ troubled by report US spied on Al-Jazeera journalist in Pakistan

New York, May 8, 2015--The Committee to Protect Journalists is deeply troubled by a report that the U.S. National Security Agency carried out intensive surveillance of Al Jazeera's Islamabad bureau chief, Ahmad Muaffaq Zaidan, based on suspicion that he was a member of Al-Qaeda. The Intercept reported today that the...

Nearly 26 Million American Adults Have No Credit History

While a recent survey found that nearly 35% of consumers have never pulled their credit report, a new report from the Consumer Financial Protection Bureau points out that some of those consumer might not have anything on their reports anyway. The CFPB released a report [PDF] today finding that 26 million Americans – or one in every … [More]

Title industry takes TRID rule pulse check

Title insurance professionals are concerned that their lender, Realtor and homebuilder counterparts remain unprepared for the Aug. 1 deployment of the new Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule, according to a recent survey conducted by the American Land Title Association (ALTA)...

Warren’s false claim that ‘auto dealer markups cost consumers $26 billion a year’

“One study estimates that these auto dealer markups cost consumers $26 billion a year. Auto dealers got a specific exemption from CFPB [Consumer Financial Protection Bureau] oversight, and it is no coincidence that auto loans are now the most troubled consumer financial product. Congress should give the CFPB the authority it needs to supervise car […]

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