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https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/
Feb 26, 2014 · — Today the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. The CFPB alleges that ITT exploited its students and pushed them into high-cost private student loans that were very likely to end in default.
https://www.consumerfinance.gov/about-us/newsroom/bureau-settles-lawsuit-against-itt-educational-services/
Aug 12, 2019 · Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with ITT Educational Services, Inc. to resolve the Bureau’s lawsuit, which alleges that ITT engaged in unfair and abusive practices in connection with its private loan program in violation of the Consumer Financial Protection Act of 2010.
https://files.consumerfinance.gov/f/201402_cfpb_complaint_ITT.pdf
ITT’s Business Model Is Based on Convincing Consumers to Take out Student Loans to Pay Its High Cost 22. ITT is a publicly-held company, and its primary duty is to maximize profit for its shareholders. 23. ITT’s revenues come from student tuition and fees. ITT’s tuition is higher than most other for-profit post-secondary institutions.
https://studentloansherpa.com/itt-cfpb-complaint/
The CFPB complaint lays out a system in which ITT mislead students about job placement numbers, gave students a false sense of achievement during recruitment, and made unreasonable suggestions about lucrative jobs. Once ITT had convinced a student to enroll,...
https://files.consumerfinance.gov/f/documents/cfpb_student-CU-connect-cuso-llc_complaint_2019-06.pdf
ITT was a publicly traded, for-profit corporation, which enrolled consumers in classes at 149 locations throughout the country until September 2016, when it ceased all …
https://www.consumerfinancemonitor.com/2018/01/11/collection-of-itt-student-debt-barred-in-class-action-settlement/
Jan 11, 2018 · In February 2014, the CFPB filed a lawsuit against ITT in which it alleged that ITT misled student loan borrowers about job placement rates and salaries after graduation, misrepresented information about accreditation and the transferability of credits, and strong-armed students into high-interest loans that the company knew students would be unable to repay.
https://www.cuinsight.com/press-release/consumer-financial-protection-bureau-settles-lawsuit-against-itt-educational-services
The Bureau’s complaint also alleges that ITT knew that the student borrowers did not understand the terms and conditions of the loans and could not afford them, resulting in high default rates ...
https://consumerist.com/2014/02/26/cfpb-sues-itt-tech-for-allegedly-exploiting-student-pushing-predatory-loans/
Wednesday’s complaint is the first action the CFPB has taken against a company in the for-profit college industry.
https://www.investopedia.com/articles/personal-finance/101813/when-why-and-how-file-complaint-cfpb.asp
In July 2011, the Consumer Financial Protection Bureau (CFPB), a federal government agency, began collecting consumer complaints about credit cards. Since then, it has expanded to collecting complaints about mortgages, bank accounts, student loans, consumer loans, credit reporting, money transfers and …
https://www.huffpost.com/entry/breaking-federal-consumer_b_4859812
The CFPB filed its complaint in federal court in Indianapolis, near ITT's headquarters. UPDATE [1:15 pm]: The CFPB just held a press conference to discuss the case. CFPB director Richard Cordray charged that ITT "misled students by overstating their salaries and job prospects upon graduation" and then pushed them into predatory high-interest ...
https://www.insidehighered.com/news/2014/02/27/consumer-financial-protection-bureau-sues-itt-alleges-predatory-loan-scheme
Feb 27, 2014 · The complaint accuses ITT of pressuring students into predatory loans and misleading consumers about their colleges’ job placement rates, accreditation and the transferability of credits. The CFPB alleges that the company developed a private loan program that coerced borrowers into high-interest loans that ITT knew were likely to fail and, by the company’s own projection, had default rates …
https://www.nd.gov/veterans/news/cfpb-sues-profit-college-chain-itt-predatory-lending
ITT Pushed Consumers into High-Cost Student Loans Likely to Fail WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. The CFPB alleges that ITT exploited its students and pushed them into high-cost private student loans that were very likely to end ...
https://www.ballardspahr.com/alertspublications/legalalerts/2015-03-18-cfpbs-claims-under-cfpa-survive
Mar 17, 2015 · The CFPB asserted various claims for alleged “unfair” and “abusive” conduct under the CFPA, and a claim for an alleged TILA violation. ITT moved to dismiss on three broad grounds: that the CFPA is unconstitutional, that ITT is not subject to the CFPA, and that the CFPB’s complaint failed to …
https://www.cutimes.com/2014/05/01/credit-unions-part-of-cfpbs-itt-loan-complaint/
Nov 01, 2019 · The four counts listed in CFPB’s complaint and demands for relief that include civil money penalties, restitution for affected consumers and other court-issued awards, are against ITT only.
https://compliancealliance.com/news-events/entry/consumer-financial-protection-bureau-settles-lawsuit-against-itt-educational-services
The Bureau’s complaint, filed in the U.S. District Court for the Southern District of Indiana in 2014, alleges that ITT helped to create private loan programs for students at ITT Technical Institute, the school run by ITT until it filed for bankruptcy and ceased operations in 2016.
https://www.usa.gov/federal-agencies/consumer-financial-protection-bureau
The Consumer Financial Protection Bureau helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies. The Bureau also works to make credit card, mortgage, and other loan disclosures clearer, so consumers can understand their rights and responsibilities.
https://cfpbjournal.com/itt-settles-cfpb-suit/
The complaint, filed in the U.S. District Court for the Southern District of Indiana in 2014, alleges that ITT helped to create private loan programs for students at ITT Technical Institute, the school run by ITT until it filed for bankruptcy and ceased operations in 2016.
https://www.theverge.com/policy/2014/3/18/5508934/ITT-tech-CFPB-complaint
Mar 18, 2014 · The CFPB complaint is currently just that — a complaint. And ITT Tech, in a press release, denied the allegations, stating that they didn’t coerce students or rush them into unfair loans.
https://www.usatoday.com/story/money/business/2014/02/26/itt-lawsuit-cfpb/5837863/
Feb 26, 2014 · Borrowers with credit scores under 600, typical for many ITT students, paid 10% origination fees and interest rates as high as 16.25%, according to the CFPB's complaint. ITT knew many loans would ...
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