On May 14, 2024, the CFPB distributed more than $384 million to about 191,000 consumers harmed by Think Finance due to its illegal lending practices. In November 2017, the CFPB filed a lawsuit against Think Finance, alleging that the company deceived consumers into repaying loans they did not owe.

Think Finance is a Texas-based online lender that illegally collected on loans that were void under state laws governing interest rate caps and lender licensing requirements. According to the CFPB’s lawsuit, the company misrepresented to consumers that they owed money on these loans, made electronic withdrawals from consumers’ bank accounts, and sent letters demanding payment.

The CFPB’s victims relief fund’s $384 million distribution to consumers harmed by Think Finance is a result of the CFPB's prosecution. This distribution will provide financial redress to the thousands of consumers who lost money due to the company’s illegal practices.

Read the CFPB’s news release here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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