Enova International, Inc.

In November 2023, the CFPB fined Enova International, Inc., a publicly traded online small-dollar lender, $15 million for violating a 2019 consent order. The violations included unauthorized debits from consumer accounts, failure to honor loan extensions as promised, and misrepresentations in violation of the Consumer Financial Protection Act (CFPA). Remedies imposed included a 7-year ban on originating certain short-term consumer loans, consumer redress, compliance program reforms, and a requirement to tie executive compensation to adherence with the consent order. Enova neither admitted nor denied the allegations. While Enova is a fintech lender rather than a bank, the action is relevant to the BaaS ecosystem as it demonstrates CFPB willingness to pursue repeat enforcement against online lenders that rely on banking relationships for loan origination and servicing.

Verified from source: The CFPB issued an order against Enova International for violating a 2019 consent order and the CFPA by debiting consumers' accounts without authorization. The order required Enova to pay a $15 million civil money penalty and provide redress to affected consumers.