CFPB fines Enova $15M, orders exec compensation tied to compliance
By 
Aaron Nicodemus2023-11-16T20:54:00
The Consumer Financial Protection Bureau (CFPB) levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
The CFPB said in a press release Wednesday that Enova’s illegal conduct included “withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.” The alleged actions affected more than 111,000 customers.
The CFPB fined the company $3.2 million in 2019 for similar alleged misconduct. The CFPB found new and continuing violations as it investigated whether Enova was complying with its previous order, the agency said.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefBankrupt retailer Express avoids fine in SEC understated CEO perks case
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
-
News BriefCFPB to require nonbanks to register outside enforcement orders
The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
-
News BriefAtlantic Union Bank to pay $6.2M in CFPB overdraft case
Atlantic Union Bank agreed to pay $6.2 million as part of a settlement with the Consumer Financial Protection Bureau resolving allegations the bank illegally enrolled and misled customers in its checking account overdraft programs.
More from Regulatory Enforcement
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
-
News BriefCash App parent to pay $40 million for alleged BSA/AML violations in New York
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.