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Intercept Corporation, d/b/a InterceptEFT, Bryan Smith, and Craig Dresser

The Consumer Financial Protection Bureau filed suit against payment processer Intercept Corporation and two of its executives, Bryan Smith and Craig Dresser, for allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients. In the suit filed in federal district court, the CFPB alleged that Intercept turned a blind eye to blatant warning signs of potential fraud or lawbreaking by its clients. These warning signs included previous actions by federal and state authorities, and sky-high rates of returned payments because of unauthorized withdrawals, insufficient funds, or invalid or closed accounts. In its suit, the CFPB sought to put an end to unlawful practices by Intercept, Smith, and Dresser; to obtain relief for consumers; and to impose penalties. The Court dismissed the lawsuit without prejudice.

Related documents

Order Granting Defendant's Motion to Dismiss the Complaint


Press release

Consumer Financial Protection Bureau Sues Payment Processor For Enabling Unauthorized Withdrawals And Other Illegal Acts By Clients