FTC settles $18M enforcement action against Brigit for deceptive practices

Brigit issued FTC settlement and court order affecting Federal Trade Commission on November 2, 2023.

Primary

Brigit

Counterparty

Federal Trade Commission

Amount

$18M

Structure

FTC settlement and court order

Date

November 2, 2023

Sub-sector

Lending

FTC enforcement against cash-advance fintechs for misleading marketing and predatory subscription practices sets precedent for regulatory scrutiny of nontraditional credit products.

Primary company

Brigit

Counterparty

Federal Trade Commission

Amount

$18M

Event date

November 2, 2023

Sub-sector

Lending

HQ

Not disclosed

Structure

FTC settlement and court order

Source published

November 7, 2023

Publisher

American Banker

Source: americanbanker.com