Credit unions part of CFPB’s ITT loan complaint

by. Michael Muckian

The Consumer Financial Protection Bureau’s formal complaint filed earlier this year against ITT Educational Services Inc. has unexpectedly caught a credit union CUSO in its wake.

Now, six CUSO member institutions may be coming under closer scrutiny for what the complaint says are the for-profit financial institution’s deceptive and abusive actions and corresponding violations of both the Truth in Savings Act and Part 1026 of Regulation Z.

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