CFPB Settles With Online Lender

Enova International Inc. reportedly violated the Consumer Financial Protection Act by debiting payments from consumers’ accounts.

1/28/2019 11:00 AM

CFPB Settles With Online Lender

The Consumer Financial Protection Bureau and online lender Enova International Inc. reached a settlement Jan. 25 after it was determined that the company took payments from consumers’ accounts without authorization.

According to a news release from the CFPB, Enova International, which issues unsecured and payday installment loans and lines of credit, violated the Consumer Financial Protection Act of 2010 by debiting consumers’ bank accounts without authorization.

“While consumers authorized Enova to deduct payments from certain accounts, the company in many instances debited different accounts that the consumers had not authorized it to use,” according to the news release. “The bureau found also that Enova failed to honor loan extensions it granted to consumers.”

According to the consent order from the bureau, Enova is banned from making or initiating electronic fund transfers without valid authorization and must pay a $3.2 million civil money penalty. 

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