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CAPP -> CAPP -> CFPB Launches Probe Into EBay's Online Lending Business
Post Info TOPIC: CFPB Launches Probe Into EBay's Online Lending Business
budnonymous


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CFPB Launches Probe Into EBay's Online Lending Business
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CFPB Launches Probe Into EBay's Online Lending Business

Law360, Los Angeles

(October 21, 2013, 9:08 PM ET) --

EBay Inc. has received a civil investigation notice from the Consumer Financial Protection Bureau requesting that the company provide testimony and produce documents relating to the acquisition, management and operation of a lending subsidiary, according to a regulatory notice filed Friday.

The San Jose, Calif.-based online marketplace says the probe includes online loan service Bill Me Later Inc.'s products and services, advertising, loan origination, customer acquisition, servicing, debt collection, and complaints handling practices. EBay says it is cooperating with the CFPB in connection with the Civil...

 

 

 

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*oftentimes you can see the full text by searching the cached page.

One can't help but wonder if this is in any way related to, or shall be impacted by the recent revelation from the Haggler?

lol



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budnonymous


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more, but also leads to subscription only article...

found nothing on the CFPB website, thus far

 

U.S. Regulator Subpoenas eBay's Lending Business

 

The Consumer Financial Protection Bureau is probing a lending business owned by eBay that has been criticized for allegedly imposing excessive finance charges.

By Alan Zibel

WASHINGTON - The Consumer Financial Protection Bureau is probing a lending business owned by eBay Inc. that has been criticized for allegedly imposing excessive finance charges. The online marketplace disclosed in a regulatory filing on Friday that it received a civil subpoena in August from the U.S. consumer finance watchdog about a financing service known as "Bill [...]



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budnonymous


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This one is more complete.

 

By Carter Dougherty - 2013-10-22

 

Nitty gritty / Teaser:

Evasion 'Scheme'

"PayPal, who acquired Bill Me Later, bought a program that structured a scheme to launder loans to evade state law," the plaintiff's lawyer, Jeff Friedman, said in a 2012 hearing. "It's that simple."

EBay said in its most recent regulatory filing that the lawsuit is "without merit."



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Exposing the sleazery of ebaY and PayPal

 
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