Default judgment entered against Corinthian Colleges for engaging in predatory lending scheme

In September 2014, the Consumer Financial Protection Bureau sued Corinthian Colleges, Inc., alleging that Corinthian engaged in a predatory lending scheme. This week, a federal court entered a final default judgment against Corinthian. The CFPB's press release explains:

The Bureau’s lawsuit against Corinthian alleged that the company lured tens of thousands of students into taking out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Corinthian then used illegal debt collection tactics to strong-arm students into paying back those loans while still in school. The court ordered that Corinthian was liable for more than $530 million and prohibited the company from engaging in future misconduct.

The full CFPB release is here.