U.S. consumer bureau orders fintech firm LendUp to halt new loans, pay penalty

U.S. consumer bureau orders fintech firm LendUp to halt new loans, pay penalty

U.S. consumer bureau orders fintech firm LendUp to halt new loans, pay penalty

Information about U.S. consumer bureau orders fintech firm LendUp to halt new loans, pay penalty

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By Katanga Johnson
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau (CFPB) ordered LendUp Loans to pay a $100,000 penalty, stop issuing new loans and halt collecting on certain outstanding ones after repeated deceptive marketing and other fair-lending violations, the agency said on Tuesday.
The Oakland, California-based lender, which offers funding to online consumers who traditionally have been overlooked by banks because they are considered too risky, agreed to the order, the CFPB said.
“We are shuttering the lending operations of this fintech for repeatedly lying and illegally cheating its customers,” said CFPB Director Rohit Chopra.
LendUp, which had attracted attention from prominent Silicon Valley investors, expects to complete a wind-down of its operations in early 2020, a spokesman told Reuters.

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