26,136 Ohio Borrowers To Receive Over $61.9 Million In Compensation For Predatory Lending Practices By Think Finance
Washington, DC – Today, Congresswoman Marcy Kaptur (OH-09) applauded a significant victory for consumer rights as the Consumer Financial Protection Bureau (CFPB) announces the distribution of $384 Million to over 191,000 consumers nationwide wronged by the deceptive practices of Texas-based online lender, Think Finance. This compensation includes more than $61.9 Million designated for 26,136 Ohioans, sourced from the CFPB’s victims relief fund — a potent tool in rectifying the financial damages inflicted by unlawful corporate behaviors. Congresswoman Kaptur supports the CFPB’s ongoing commitment to rectify injustices committed against her constituents, all Ohioans, and all Americans impacted by this fraud.
Think Finance was sued by the CFPB in November 2017 for its illicit actions which included deceiving borrowers into repaying non-existent loans and making unauthorized electronic withdrawals. These actions not only violated state laws concerning interest rate caps and licensing requirements but also fundamentally undermined consumer trust.
“This announcement by the CFPB is a beacon of hope for those ensnared by predatory financial practices, and seeking justice. It is imperative that we continue to support mechanisms including the victims relief fund that restore the losses of those who have been defrauded and deceived,” said Congresswoman Marcy Kaptur (OH-09). “I commend the CFPB for its unwavering dedication to consumer rights and for ensuring that financial malpractice does not go unchecked. The CFPB is your advocate and protector against carnivorous corporations and predatory bad actors with vast resources that you cannot face alone. Many lawmakers have expressed their desire to gut the CPFB, and we should remember this moment next time we hear someone say they want to get rid of it. You could be the next victim of elaborate schemes to take your heard-earned money or property, and it is important that we defend this vital American institution that looks out for the little guy.”
"The successful prosecution of Think Finance underscores the essential role of the CFPB in protecting consumers from financial exploitation," said Rohit Chopra, Director of the CFPB. "The victims relief fund is crucial for ensuring that consumers are made whole, particularly when offenders have depleted their unlawful gains."
The CFPB’s effort aligns with broader enforcement actions, often supported by state attorneys general, to ensure comprehensive consumer protection. The victims relief fund, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, has distributed over $1 billion to victims of various financial crimes since its inception.
Payments to Ohioans affected by Think Finance’s malpractices will commence today. Further details are available here. Questions regarding the payment distribution may be emailed to info@cfpb-thinkfinance.org or reached through a dedicated toll-free line at (888) 557-1865.
Consumers wishing to lodge complaints about financial products or services can visit call (855) 411-CFPB (2372), or visit the CFPB’s website, consumerfinance.gov.
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