Daniel Webster
Regulator accuses ITT for-profit college chain of predatory lending
[Updated 1:45 p.m. PST Feb. 26: This post has been updated to include a response from ITT Educational Services and to reflect the closing stock price.]
In its first action against a company in the for-profit college industry, the federal Consumer Financial Protection Bureau on Wednesday sued ITT Educational Services Inc., which operates 149 schools in 40 states, including 14 in California.
The consumer protection agency alleges that ITT used high-pressure tactics over a five-month period beginning in July 2011 to coerce students into high-interest private loans that were likely to end in default.
ITT, a publicly traded company, targeted low-income...
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Regulator accuses ITT for-profit college chain of predatory lending
[Updated 1:45 p.m. PST Feb. 26: This post has been updated to include a response from ITT Educational Services and to reflect the closing stock price.]
In its first action against a company in the for-profit college industry, the federal Consumer...
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