CHICAGO, Jan. 25, 2019 /PRNewswire/ -- Enova
International, Inc. announced today that it has reached an
agreement with the Consumer Financial Protection Bureau ("CFPB")
addressing payment processing issues that Enova identified and
self-disclosed to the CFPB in 2014. The issues arose from technical
systems errors, all of which have since been resolved. Although the
CFPB has determined that no customer restitution is required, Enova
has agreed to a $3.2 million civil
money penalty.
"Any errors in our systems, especially those that impact our
customers, are taken very seriously by our team, and we have
invested in technology and processes to ensure appropriate
resolution of such errors," said Sean
Rahilly, Chief Compliance Officer and General Counsel at
Enova. "In this case, we self-reported these issues regarding our
payment processes to the CFPB in 2014, so that we could work
constructively with the Bureau to ensure continuous
improvement."
The consent order between Enova and the CFPB covers two payment
processing issues that, combined, impacted less than 0.2% of total
payments processed by Enova during the period in which the errors
occurred. The technical processes that caused these errors were
corrected, and customers were contacted for remediation of damages
they may have incurred.
About Enova
Enova (NYSE: ENVA) is a leading provider
of online financial services to non-prime consumers and small
businesses, providing access to credit powered by its advanced
analytics, innovative technology, and world-class online platform
and services. Enova has provided more than 5 million customers
around the globe with access to more than $20 billion in loans and financing. The financial
technology company has a portfolio of trusted brands serving
consumers, including CashNetUSA®, NetCredit®, On Stride Financial®,
Pounds to Pocket®, QuickQuid® and Simplic®; two brands serving
small businesses, Headway Capital® and The Business Backer®; and
offers online lending platform services to lenders. Through its
Enova Decisions™ brand, it also delivers on-demand decision-making
technology and real-time predictive analytics services to
clients.
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SOURCE Enova International, Inc.