The victims of an online bank’s fraudulent activities are set to receive a substantial sum of $384 million, according to the US banking regulator, the Consumer Financial Protection Bureau (CFPB). The windfall will benefit approximately 191,000 former customers of Think Finance, a Texas-based lender that deceived its clients into repaying loans they did not owe. The CFPB had filed a lawsuit against the company in 2017, resulting in the identification of the firm’s loans in 17 states as illegal, void, and uncollectable. In an effort to support those affected by the scam, the CFPB will distribute the funds from its victims relief fund. CFPB Director Rohit Chopra emphasized the importance of providing assistance to victims, even after the culprits have been stopped by law enforcement. The agency has already started disbursing payments to individuals harmed by Think Finance’s practices since May 14th. If you believe you are eligible for compensation, further information can be found here. Since 2010, the CFPB has distributed approximately $19 billion to consumers who have been impacted by scams, fraudulent activities, and other illegal practices.
