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CFPB levies $15M fine on Enova
The CFPB Wednesday announced it had ordered Enova International Inc., an online lending company, to pay $15 million for illegal conduct. The bureau claimed Enova had engaged in “withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.” Enova was fined $3.2 million in 2019 for similar conduct.
The CFPB’s announcement noted that this fine is a result of an investigation revealing Enova’s failure to comply with the bureau’s 2019 order. According to the bureau, over 111,000 customers were affected by the misconduct. The new enforcement action also requires Enova to stop offering specific short-term loans, reform executive compensation, and provide redress to consumers.
NAFCU will continue to tout the credit union industry’s mission of meeting their 138 million members and local communities needs with safe, affordable financial products and services.