American Banking Regulator Returns Millions to Victims of Online Bank Scam 🏦
A US banking regulator announces the disbursement of $384 million to individuals impacted by the illicit practices of an internet-based financial institution.
Consumer Protection Bureau Aids 191,000 Victims 🛡️
The Consumer Financial Protection Bureau reveals that around 191,000 people are set to receive financial compensation, received from former clients of Think Finance, a Texas-based entity.
- The bureau initiated legal action against the lending company in 2017 for deceiving borrowers into repaying loans erroneously.
- Think Finance’s operations in 17 states were termed illegal, invalid, and uncollectible.
CFPB Releases $384 Million to Help Disaster Victims 🪁
The CFPB launches the disbursement of $384 million from its recovery fund to assist victims ensnared in the deceitful practices of Think Finance.
According to CFPB Director Rohit Chopra,
“Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement.
The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.”
Initiative to Compensate Victims Begins 🌟
The CFPB commences payments to those affected by Think Finance’s malpractices on May 14th.
- Individuals believing they are eligible can seek additional information here.
Track Record of Supporting Consumer Rights 📊
CFPB reports disbursing approximately $19 billion to individuals harmed by fraudulent schemes, scams, and illicit actions since 2010.
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The post $384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau appeared first on The Daily Hodl.
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