CFPB sues chain of for-profit colleges, accusing it of predatory lending

The Consumer Financial Protection Bureau announced yesterday that it has sued

ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. We believe that ITT used high-pressure tactics to push many students into expensive private student loans that were likely to end in default. This is our first public enforcement action against a company in the for-profit college industry.

Read the agency's complaint filed in federal court in Indiana and the agency's press release.