(Protocol) The Consumer Financial Protection said online lender LendUp will stop lending operations and pay a penalty for practices that the agency said misled and deceived consumers. The California-based online lender will cease issuing loans and collecting on outstanding loans, and will pay a $100,000 penalty for engaging in “illegal and deceptive marketing,” the CFPB said.
The controversial company had been a fintech trailblazer, with CFPB Director Rohit Chopra noting that it had received significant backing from major venture capital firms, including GV (formerly Google Ventures); Kleiner Perkins; Andreessen Horowitz; PayPal and QED Investors.
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