State
North Dakota
North Dakota
Intercept Corporation, d/b/a InterceptEFT, Bryan Smith, and Craig Dresser
Payday Loans, Nonbanks, Electronic Payments, Scams
The CFPB sued Intercept Corporation for “allegedly enabling clients to withdraw millions of dollars’ worth of illegal charges from consumer bank accounts.” The lawsuit alleged that “Intercept’s top two executives ‘knew or consciously avoided knowing’ that many client transactions ‘were fraudulent or illegal.'” The lawsuit also noted that Intercept “processed electronic funds transfers on behalf of payday lenders in states where payday loans are illegal.”
Active