CFPB $3.2mn Enova Settlement


  • Consumers authorized payment from certain bank accounts, but in many
    instances Enova debited from accounts that consumer had not authorized.
  • Firm found to have failed to honor loan extensions, granted to consumers.

Customer Account Details

  • Company purchased loan applications from lead generators, in some cases
    the applications were from consumers, who already had loans from Enova.
  • The company policy was to extend only one loan at a time, to a consumer.
  • If purchase application with outstanding loan, it would deny an application.
  • Loan applications typically contained consumers’ bank account information.
  • Some consumers listed different account information, than provided Enova.
  • Firm overwrite consumer bank account information on its outstanding loans.
  • Then debited payment on 5,520 consumers’ loans from new bank accounts.
  • However, Enova did not have the authorization to debit these new accounts.


  • Enova has been barred, from making or initiating electronic fund transfers,
    without valid authorization and must pay a $3.2 million civil money penalty.