FTC merchant cash advance refunds: separating Yellowstone payments from the RAM Capital case
FTC records show Yellowstone refunds began in 2022. The RAM Capital order is a separate part of the enforcement record.
Updated
Corrected September 14, 2026: the earlier “first-ever” March 2026 claim and attribution of the refund figures to RAM Capital were not supported. We removed the unsupported industry-wide $1.6 billion total.
The FTC’s Yellowstone Capital refund page states that payments began in June 2022, followed by a second round in August 2024. It now describes a further distribution to eligible businesses. This contradicts the earlier article’s claim that MCA refunds first began in March 2026.
Separately, the FTC’s January 2022 RAM Capital announcement describes an order banning RAM Capital Funding and its owner from merchant cash advance and debt collection activities and requiring a $675,000 payment. That action should not be conflated with the Yellowstone refund program.
Refund eligibility and payment instructions are case-specific. Use the FTC’s official refund page and named administrator rather than assuming that a business qualifies because it held an MCA. An enforcement case against one provider does not establish a settlement discount or legal remedy against every other provider.
Sources
Sources and original links. Any verification limitations are noted in the article above.
- FTC: Yellowstone Capital refundswww.ftc.gov/enforcement/refunds/yellowstone-capital-refundsSee source for publication and update dates
- FTC: RAM Capital enforcement announcementwww.ftc.gov/news-events/news/press-releases/2022/01/merchant-cash-advance-providers-banned-industry-ordered-redress-small-businessesSee source for publication and update dates