Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Enova International, Inc., an online lender that extends unsecured payday and installment loans, and lines of credit based in Chicago, Illinois.
As described in the consent order, the Bureau found that Enova 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. The Bureau found also that Enova failed to honor loan extensions it granted to consumers.
Under the terms of the consent order, Enova is, among other things, barred from making or initiating electronic fund transfers without valid authorization and must pay a $3.2 million civil money penalty.
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.