November 15, 2023

Online lender Enova International Inc. has been ordered to pay $15 million and is prohibited from offering certain consumer loans for seven years, after the CFPB found it guilty of violating a 2019 order to cease and desist from widespread illegal conduct, including withdrawing funds from consumer bank accounts without their consent, backtracking on loan extensions, failing to provide crucial information such as due dates, and failing to provide consumer copies of signed authorizations.  In addition to the new penalties, Enova has been ordered to provide redress to consumers harmed and tie executive compensation with the company’s compliance with consumer protection laws.  CFPB

Tagged in: Financial and Investment Fraud,