The Consumer Financial Protection Bureau (CFPB) has announced that $384 million will be distributed to 191,000 victims of illegal practices by an online bank.
Think Finance’s Illegal Loans
In 2017, the CFPB filed a lawsuit against Think Finance, a Texas-based lender, for deceiving customers into repaying loans they did not owe. The loans, issued in 17 states, were deemed illegal, void, and uncollectable.
Victim Relief Fund
The CFPB has now begun distributing funds from its victim relief fund to support those affected by the scam. “Too often, victims of financial crimes are left without recourse,” said CFPB Director Rohit Chopra. “The victim relief fund allows us to help consumers even when bad actors have spent their ill-gotten profits.”
Payments and Eligibility
Payments to victims of Think Finance’s practices began on May 14th. Individuals who believe they are eligible can find more information on the CFPB website.
CFPB’s Record
Since 2010, the CFPB has distributed approximately $19 billion to consumers harmed by scams, frauds, and other illegal practices.
