ITT Educational Services has filed a court motion to dismiss a complaint the Consumer Financial Protection Bureau (CFPB) lodged against the for-profit chain in February. In its first enforcement action against the sector, the CFPB accused ITT of predatory lending and other abusive practices.
However, the lawsuit filed this week by ITT claims the bureau has overstepped its statutory authority. More broadly, the for-profit claimed the CFPB's enforcement approach lacks due process and is unconstitutional.
- Consumer Financial Protection Bureau sues ITT, alleges predatory loan scheme
- CFPB report criticizes private student lenders for lack of repayment options
- CFPB accuses two "debt relief" companies of predatory practices
- Federal regulators accuse Corinthian Colleges of predatory lending scheme, strong-arm debt collection tactics
- Federal watchdog seeks information from a national accreditor about for-profit colleges
- ITT's federal compliance scramble differs from Corinthian's shut down
- CFPB is investigating Corinthian Colleges, possibly focusing on student lending
- SEC charges ITT with fraud over student loan programs
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