August 6, 2018 / 9:47 PM / 15 days ago

Think Finance must face CFPB lawsuit over tribal loans - ruling

The Consumer Financial Protection Bureau can proceed with a lawsuit accusing bankrupt financial technology firm Think Finance of working with tribal lenders to issue illegal loans and try to collect on them, a federal judge in Montana ruled.

In a decision on Friday, U.S. District Judge Brian Morris in Great Falls said the CFPB adequately alleged that Texas-based Think Finance deceived consumers by implying they had a legal obligation to pay the loans, which violated the interest rate limits or licensing requirements of 17 states.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2vlhHR6

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