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CFPB sues ITT, claims college chain engaged in abusive lending practices
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Consumer Protection
Monday, March 3, 2014
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The Consumer Financial Protection Bureau sued Indiana-based ITT Educational Service Inc., alleging that the for-profit college chain engaged in predatory lending in violation of Dodd-Frank’s ban on abusive practices. The agency said ITT exploited its students and pushed them into high-cost private loans that were likely to end in default. Participants in CFPB-supervised industries have been watching closely to see how the bureau enforces Dodd-Frank’s ban on abusive practices. Read on to learn about alleged activities the CFPB said constituted abuse in this case.
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