EBay Faces CFPB Investigation Over its Bill Me Later Program
November 4, 2013
The long arm of the law being enforced by the new consumer sheriff in town is extending to EBay Inc., which is facing an investigation by the CFPB over a loan program that resembles a structure used by high-interest lenders to bypass state regulations before the practice was eradicated by regulators. The program at issue, known as Bill Me Later, is a service provided by EBays PayPal unit that derives funding from Comenity Capital Bank, based in Salt Lake City, UT, to make loans that are subsequently purchased and managed by EBay...