Thank goodness we have the Consumer Financial Protection Bureau. A few years ago, your only recourse would be a complaint with the FTC, which has less clout than the Better Business Bureau.
Have a look at whoâs been promoting the CFPB - and whoâs been working diligently to weaken or eliminate it.
How much of the settlement goes into the 1%er governed general pork fund vs comping the actual damaged party.
I was not aware of this general pork fund. According to Bloomberg, itâs $15M in reimbursements and $10M to a fund for future reimbursements, for people who are owed by companies that canât pay.
I noticed it more than a year ago when they offered â$10 off your purchaseâ is you used âbill-me-laterâ and I was tempted, but recognized right away it was just another credit card, and I donât really need another credit card so I passed (of course it still comes up every time I try to pay for something, I just keep ignoring it.)
God, I hate this PayPal Credit thing! I want to make it go away in all transactions in which Iâm either the buyer or the seller. Thereâs no button for that. Assholes.
Remember way back when they had a âmoney marketâ and your positive Paypal balance could actually gain piddling amounts of interest?
That went away because regulators wanted interest bearing accounts to be handled by an entity with a banking license. Which PP doesnât want to touch with a ten foot pole (except in luxemburg) (no Iâm not joking))
It seems ironic that an entity needs a banking license to hand interest-bearing accounts but evidently needs no such license to charge interest on loans, instead of the other way around.
Even though I worked there I canât say I understand all the regulatory requirements. Obscure and Byzantine donât even begin to describe it.
Also, even though it is branded as PayPal credit, that is likely why the correspondence is done through a different business unit. So regulatory creep can be contained.
And this is just one of their dozens of sleazy practices.
Itâs not a fine, itâs a small fee.
Ask me about their sleazy practices. While it wonât change your opinion, I can at least tell you why shit is fucked up.
How the hell is it so easy to âclick throughâ this crap and form a binding agreement anyway?
You should have to solve a puzzle or something that requires some kind of cognitive engagement. My brother was using my (htpc, sorta) living room computer a while ago and I watched him install silverlight, clicking âokâ to stuff he didnât even try to read multiple times before I had a chance to say, âStop, donât.â Maybe we need a 30 second cooling off period, then ask, âDid you really mean to agree toâŚâ
Did not RTFA this time but most settlements cash out to the law firm and then public bodies often to the general fund, rarely do the directly affected get the full or even proportionate compensation for their loss in a big class action after the locusts are finished.
Well donât let that stop you from commenting. This case is not a class action suit.
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