CFPB sues Think Finance for deceiving consumers

The CFPB has announced it has filed a lawsuit against Think Finance for its role in deceiving consumers into repaying loans that were not legally owed. The CFPB complaint alleges that Think Finance illegally collects on loans that are void under the laws of 17 states governing interest rate caps or the licensing of lenders; made deceptive demands; and illegally took money from consumers’ bank accounts for debts that were not legally owed. Think Finance, based in Addison, Texas, is an online provider of software technology, analytics, loan servicing, and marketing services. The CFPB seeks to recoup relief for harmed consumers and impose a penalty.