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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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.
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.