CFPB fines Enova $15M, orders exec compensation tied to compliance


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.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.