The regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
In 2019, Enova paid a $3.2 million penalty to the CFPB with orders to put a stop to its illegal activities. Now, having violated the order, the regulator has banned the fintech from offering certain consumer loans, and ordered it to compensate more than 111,000 affected consumers.
Additionally, Enova will also be required to link executive pay to regulatory compliance.
