US banking regulators have announced that $384 million will soon be given to victims of online banking misconduct.
The Consumer Financial Protection Bureau announced that 191,000 former customers of Texas-based Think Finance will receive cash windfalls.
The agency filed a lawsuit against the lender in 2017, accusing it of deceiving customers into repaying loans they didn't owe.
The company's loans in 17 states were deemed illegal, invalid, and uncollectible.
Now, the CFPB says it has begun distributing $384 million from its Victim Relief Fund to help those caught up in the scam.
CFPB Director Rohit Chopra said:
“Victims of financial crime are too often left without redress even when the companies that harmed them are stopped by law enforcement.
The Victim Relief Fund allows the CFPB to assist consumers even when criminals squander their ill-gotten gains. ”
On May 14, the agency began disbursing payments to people harmed by think finance practices.
If you think you may be eligible, please click here for more information.
The CFPB announced that since 2010, it has awarded approximately $19 billion to consumers harmed by fraud, fraud, and other illegal activities.
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