Victims of Think Finance loan repayment scam to get $384 million

Consumers allegedly scammed by Think Finance into repaying loans they did not owe are being refunded through distributions from the Consumer Financial Protection Bureau (CFPB).

The federal agency on Tuesday said it allocated more than $384 million to roughly 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through its victims relief fund, also known as the Civil Penalty Fund. 

"Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement," CFPB Director Rohit Chopra said in a statement. "The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.