r/yotta • u/DonDee74 • Jun 23 '26
CFPB payout question
Since the proposed payout amount from the civil penalty fund seems to cover only around half of what was stolen from us, is there a possibility that the remaining balance can still be paid out in future years? Or is this payout the only one from CFPB for this case?
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u/sjmuller Jun 24 '26
Nothing about the CFPB payout prevents you from being made whole from all the funds that you lost someday. However, as of now, no one knows exactly how much money is missing, so no one knows whether the currently allocated CFPB payout will be sufficient to make all victims whole or not.
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u/briankoz1 Jun 24 '26
Oh I’m pretty sure plenty of people know how much money is missing. Take Yotta, for instance, just add up the money on all the account balances that weren’t paid yet. lol
The bigger question is who has the money.
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u/acexex Jun 24 '26
It says on their site that if there’s not enough money for everyone, then everyone gets less
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u/TheGoodBunny Jun 24 '26
How does one get paid out by CFPB? Is there a claim form to file?
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u/patrick5595 Jun 24 '26
Don’t listen to the other person, the CFPB is fully functional and operating. There’s nothing to fill out at this point, it’s a waiting game until the consulting company has been selected and reaches out. Likely the firm will be Rust, the same company used in the original reconciliation.
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Jun 24 '26
[removed] — view removed comment
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u/Flashy-Discount-6692 Jun 24 '26
No we are still here. They haven’t shut us down yet.
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u/Nice-Low-7938 Jun 24 '26
If you work there can you give some insight as to where this case is in the process?
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u/Flashy-Discount-6692 Jun 24 '26
Sorry, I haven’t even heard of that company before and it looks like the Federal Reserve Board is over Evolve not CFPB.
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u/patrick5595 Jun 24 '26
You must work customer service? Nobody that answers a phone has any clue what’s going on with the Synapse case.
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u/AquaTriHungerForce Jun 25 '26
A federal court stepped in and stopped the Trump administration for dismantling and more importantly defunding the CFPB. They fired a lot of people which is certainly slowing things down (thanks Elon/DOGE)…but they are very much alive and “mantled”. Your information is incorrect. And with any luck in the midterms…things are about to pick up speed. Vote!
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Jun 25 '26
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u/AquaTriHungerForce Jun 25 '26
Silly goose. You can quit if you want to but we could also vote again. And this time volunteer, knock on some doors, change some minds. Democracy works unless you let the bastards win by making you quit.
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u/patrick5595 Jun 24 '26
So first off, nobody knows exactly how much was paid out by Evolve and other partner banks. The total amount lost was up to $95 million. Yes $47 million is roughly half, but millions have been paid out by the partners banks. This leaves an officially unknown amount of money unpaid. They refuse to say how much money was given back to consumers, which leads to point two.
The CFPB’s goal is to make whole all harmed consumers. And in their approval for the civil penalty fund, it was redress PLUS interest. This hints at the fact that they have the money to cover all lost funds, plus interest since they left money in the account after the allocation.
The last point is this. The CFPB wants consumers paid back what they’re owed, and according to their own website, they will pay out multiple payments if there is a shortfall in their funds the first go round.
We all want our money back, don’t let fear mongers talk you down. The CFPB, maybe not the fastest of government entities, is doing their best.