Fintech Co. iStream To Pay FTC $2.3M, Aid Phony-Fees Probe

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By Hannah Albarazi (February 24, 2022, 5:44 PM EST) — Payment processing company iStream and its top brass told a Georgia federal judge Thursday that they have agreed to pay $2.3 million to the Federal Trade Commission and cooperate in the agency’s investigation of its clients, some of which are accused of charging payday loan applicants upward of $43 million in illegal fees.

The FTC — which alleges that dozens of companies duped short-term loan applicants by charging fees for bogus memberships in online discount clubs without their permission — asked Judge William M. Ray II of the U.S. District Court for the Northern District of Georgia to sign off on a deal…

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