Bankrupt Payday Lender Can't Move CFPB Suit To Texas

Law360 (February 7, 2018, 3:42 PM EST) -- A Montana federal judge refused to transfer a CFPB action alleging Think Finance duped borrowers and used sham tribal payday lenders to collect money it was not owed, finding Tuesday the case need not be moved to where the financial technology company’s Texas bankruptcy is.

U.S. District Judge Brian M. Morris said the state of Montana has a “substantial interest” in hearing the Consumer Financial Protection Bureau’s case since Think Finance LLC’s loans were voided under the state’s law. Also, the judge said, Congress expressly exempted regulatory actions like this one from being stayed due to bankruptcy proceedings to ensure that bankruptcy...

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