Consumers who were allegedly defrauded by Think Finance into paying back loans they did not owe will be reimbursed through benefits from the Consumer Financial Protection Bureau (CFPB).
The federal agency said Tuesday it has awarded more than $384 million to about 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through her victim assistance fundalso known as the Civil Penalty Fund.
“Victims of financial crimes are too often left without recourse, even as the companies that harm them are stopped by law enforcement,” CFPB Director Rohit Chopra said in a statement. “The Victim Assistance Fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten gains.
Payments to consumers harmed by Think Finance's practices will be sent starting May 14, the agency said. Those who think they qualify can find more information on the CFPBs website. They may also contact the settlement administrator, Epiq Systems, with questions by email at info@cfpb-thinkfinance.org or by telephone at (888) 557-1865, a toll-free line.
Since its inception in 2010, the CFPB has spread approximately $19 billion to more than 195 million defrauded consumers in the form of monetary compensation, principal reductions, debt forgiveness and other relief, the agency said. Consumer complaints about financial products or services can be filed with CFPB website or by calling (855) 411-CFPB (2372).
