CFPB fine Think Finance Cos. $ 7 in global settlement

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By Dean Seal (February 5, 2020, 7:35 p.m. EST) – The Consumer Financial Protection Bureau is asking only $ 1 each from Think Finance LLC and its six affiliates in an apparent attempt to maximize the payback potential for borrowers from the allegedly loaned lender on usurious wages.

The agency on Wednesday gave a federal judge in Montana a proposed consent order resolving his allegations, without any admission of wrongdoing, that Think Finance used fictitious tribal lenders to raise money it was not due from borrowers with partially or completely nil loans in 17 states. .

The deal is part of a larger settlement related to the Chapter 11 bankruptcy proceedings of Think Finance, a state …

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