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Expert Analysis

Attempting To Ascertain CFPB's Theory Of 'Abusive' Acts

Law360, New York (June 10, 2015, 12:12 PM EDT) -- On May 19, 2015, the Consumer Financial Protection Bureau filed a complaint and proposed consent order against PayPal Inc. and its subsidiary Bill Me Later Inc. in the U.S. District Court for the District of Maryland. If approved by the court, the settlement will require PayPal to pay $15 million in redress to consumers and a $10 million civil monetary penalty. Although the case is not the largest settlement in CFPB history, it is interesting because it sheds important new light on the meaning of "abusive" acts and practices, which is slowly being defined through the CFPB's enforcement actions.[1]...

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