Volume 25 - Number 5
March 3, 2014
CFPB Sues ITT Educational Services Alleging Predatory Student Lending
In its first public enforcement action against a company in the for-profit college industry, the CFPB sued ITT Educational Services, Inc., over predatory lending allegations. The bureau alleges that ITT exploited its students and used high-pressure tactics to push them into high-cost private student loans that would probably end in default. The CFPB said it is seeking restitution for victims, a civil fine, and an injunction against the company. As far as the bureau is concerned, like the mortgage market in the lead-up to the financial crisis, the for-profit college industry may be experiencing misaligned incentives.
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