On March 3, 2021, the CFPB filed a lawsuit in the U.S. District Court for the Northern District of Illinois against BrightSpeed Solutions, Inc., a third-party payment processor, and Kevin Howard, BrightSpeed's founder and former chief executive officer.
United StatesFinance and Banking
On March 3, 2021, the CFPB filed a lawsuit in the U.S. District
Court for the Northern District of Illinois against BrightSpeed
Solutions, Inc., a third-party payment processor, and Kevin Howard,
BrightSpeed's founder and former chief executive officer. In
its complaint, the CFPB
alleges that between 2016 and 2018, Howard and BrightSpeed knew or
should have known that it provided payment processing services for
clients "who purported to provide virus software and
technical-support services, but actually scammed consumers into
purchasing unnecessary and expensive computer software" in
violation of the Consumer Financial Protection Act of 2010 and the
Telemarketing Sales Rule. The CFPB alleges that BrightSpeed
intentionally served "high risk" clients who often could
not obtain payment-processing services from other processors
because of the risk of fraud associated with their businesses.
These allegations suggest that BrightSpeed and Howard failed to
implement or
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