Saturday, July 12, 2025
19.2 C
London
HomeBankingUS lender Enova fined $15m by CFPB for “widespread illegal conduct”

US lender Enova fined $15m by CFPB for “widespread illegal conduct”

Date:

UK Chancellor Reverses ISAs Reductions After Public Backlash

A bold move by the Chancellor to protect savers...

Binance Launches Sharia Earn: An Islamic Banking-Aligned Token

Discover how Binance's new offering caters to Islamic financial...

Ageras Expands Portfolio with 8th Acquisition: Payroll Provider Employes

Strategic Move to Enhance Services in the Accounting and...
  • Enova was fined $15 million by CFPB and banned from offering certain short-term loans.
  • Charges include unauthorized fund withdrawals, deceptive loan statements, and canceling loan extensions.
  • In 2019, Enova paid a $3.2 million penalty and was ordered to cease illegal activities.
  • Violating the order, Enova faces a ban on certain consumer loans and must compensate over 111,000 affected consumers.
  • Executive pay at Enova to be linked to regulatory compliance.
  • Enova claims an agreement with CFPB, attributing issues to unintentional technical errors and self-reporting.
  • Enova emphasizes commitment to fair customer treatment and ongoing improvement of business practices.

Related stories

spot_img

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories