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May 20, 2015

PayPal facing $25M sanction

WASHINGTON (AP) — 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 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.


 
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