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