A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices.
The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance.
The agency filed a lawsuit against the lender in 2017, accusing the company of tricking customers into repaying loans they did not owe.
The firm’s loans in 17 states were considered illegal, void and uncollectable.
Now, the CFPB says it’s beginning to distribute $384 million from its victims relief fund to support people who got caught in the scam.
Says CFPB Director Rohit Chopra,
“Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement.
The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.”
The agency began making payments to people harmed by Think Finance’s practices on May 14th.
Anyone who believes they are eligible can find out more here.
The CFPB says it’s handed out approximately $19 billion to consumers harmed by scams, frauds, and other illegal practices since 2010.
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