CRL Statement on Pennsylvania’s Enforcement Against Evasions of State Law by FinTech Company and Private Equity Investor
DURHAM, N.C. – Last week, Pennsylvania Attorney General Josh Shapiro announced a settlement with Think Finance LLC, a fintech company that had engaged in multi-party schemes to make loans with interest rates of up to 448% in Pennsylvania in violation of the state’s interest rate cap. Under the terms, Think Finance and its investor Victory Park Capital must void outstanding balances on loans, compensate those who already paid their loans back, and have their credit reports cleaned up. CRL Director of State Policy and Executive Vice President Diane Standaert released the following statement