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By Katanga Johnson
WASHINGTON (Reuters) – The U.S. Client Monetary Safety Bureau (CFPB) ordered LendUp Loans to pay a $100,000 penalty, cease issuing new loans and halt amassing on sure excellent ones after repeated misleading advertising and marketing and different fair-lending violations, the company stated on Tuesday.
The Oakland, California-based lender, which provides funding to on-line customers who historically have been neglected by banks as a result of they’re thought-about too dangerous, agreed to the order, the CFPB stated.
“We’re shuttering the lending operations of this fintech for repeatedly mendacity and illegally dishonest its clients,” stated CFPB Director Rohit Chopra.
LendUp, which had attracted consideration from distinguished Silicon Valley buyers, expects to finish a wind-down of its operations in early 2020, a spokesman instructed Reuters.
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