Consumer Bureau Action Tracker

CFPB v. Think Finance, LLC


State

Nationwide

target

Think Finance, LLC

Topics

Enforcement, Debt Collection, Payday Loans

The CFPB sued Think Finance, LLC for “‘deceiving consumers into repaying loans that were not legally owed.'” The CFPB alleged that Think Finance illegally collected “on loans that are void under state laws governing interest rate caps or the licensing of lenders.” Think Finance later filed for bankruptcy.

  • “The Consumer Financial Protection Bureau (CFPB) has filed suit in federal court against Think Finance, a Fintech that leverages its technology to power online lending platforms. Think Finance provides software technology, analytics, loan servicing, and marketing services. The CFPB says the suit was filed for its ‘role in deceiving consumers into repaying loans that were not legally owed.’ The CFPB alleges that Think Finance illegally collects on loans that are void under state laws governing interest rate caps or the licensing of lenders. The CFPB said that Think Finance made ‘deceptive demands and illegally took money from consumers’ bank accounts for debts that were not legally owed.'” [JD Alois, “CFPB Guns for Think Finance. Files Suit Alleging Consumer Deception in Repaying Loans Not Legally Owned,Crowdfund Insider, 11/16/17]
  • “The debtor, Think Finance, LLC, provided critical collection services to certain Native American Tribes engaged in consumer lending. The company’s collection actions had raised the attention of the Consumer Financial Protection Bureau (CFPB). Think Finance filed a Chapter 11 bankruptcy petition in the Northern District of Texas after mediation between the CFPB and Think Finance had broken down.” [“Montana Court Refuses to Shift Venue of ‘Related to’ CFPB Police Action to Texas Bankruptcy Court,” Squire Patton Boggs, 03/06/18]

Status

Active


4:17-cv-00127-BMM 11/15/2017 11/15/2017

CFPB Sues Think Finance for Collecting on Debts that Consumers Did Not Legally Owe
https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-think-finance-collecting-debts-consumers-did-not-legally-owe/

  • Consumer Financial Protection Bureau (CFPB)
  • Federal district court case
  • Nonbank
  • Pending

Close

SITE ARCHIVED

Allied Progress is now Accountable.US. This website will no longer be updated and has been permanently archived. For the latest accountability and transparency updates, please visit us at Accountable.US.