Consumer Bureau Action Tracker

CFPB v. Intercept Corporation, d/b/a InterceptEFT, Bryan Smith, and Craig Dresser


State

North Dakota

target

Intercept Corporation, d/b/a InterceptEFT, Bryan Smith, and Craig Dresser

Topics

Payday Loans, Scams, Electronic Payments, Nonbanks

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.”

  • “The CFPB filed a lawsuit last year against Intercept, a Fargo, N.D., third-party payment firm, and its co-owners, Craig Dresser and Bryan Smith, alleging that it processed electronic funds transfers on behalf of payday lenders in states where payday loans are illegal.” [Kate Berry, “Judge dismisses CFPB case against payment processor,” American Banker, 06/06/16]

Status

Active


3:16-cv-00144-ARS 6/6/2016 6/6/2016

Consumer Financial Protection Bureau Sues Payment Processor For Enabling Unauthorized Withdrawals And Other Illegal Acts By Clients
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/intercept-corporation-db-intercepteft-bryan-smith-and-craig-dresser/

  • Consumer Financial Protection Bureau (CFPB)
  • Federal district court case
  • U.S. District Court for the District of North Dakota
  • Nonbank
  • Pending
  • Not Available

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