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.