Online Lender Faces Loan Processing Scrutiny From CFPB

By Jon Hill (October 29, 2021, 7:59 PM EDT) -- Online lender Enova International Inc. told investors Friday that its loan processing is under investigation by the Consumer Financial Protection Bureau.

In a quarterly securities filing, Chicago-based Enova said that it recently received a CFPB civil investigative demand concerning what the company called "certain loan processing issues," though it did not elaborate on what those issues are.

Enova said that it has been cooperating with the CFPB and expects to be able to wrap up the investigation "expeditiously," noting that several of the issues were self-reported to the CFPB and that consumers are already being repaid.

"We have provided, and will...

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