As such, the fintech has been ordered to stop issuing loans and stop collecting from some outstanding ones. LendUp expects to wind down operations sometime early in 2022, per the sanctions.
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CFPB Sanctions LendUp for Repeated Violations, Orders $100K Fine
The U.S. Consumer Financial Protection Bureau (CFPB) issued a $100,000 penalty to LendUp Loans after citing it for “repeated deceptive marketing and other fair-lending violations.” So reports Reuters.
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