Thursday, November 30, 2023

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

  • 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.

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