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Violation Tracker Individual Record

Company: PEAKS Trust
Penalty: $330,000,000
Year: 2020
Date: September 15, 2020
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Mega-Scandal: Student Loan and For-Profit College Abuses
Violation Description: PEAKS, which owned and processed student loans for the now-defunct for-profit college ITT Technical Institute agreed to provide $330 million in loan forgiveness to resolve allegations of unfair practices. The settlement was also announced by state attorneys general (see separarate entry under ITT Technical Institute).
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.