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ARTICLE · 03 OCTOBER 2016

CFPB Takes Enforcement Action Against FinTech Lender

Reed Smith
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On September 27, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with Flurish, Inc d/b/a LendUp (LendUp)...

United StatesConsumer Protection
Robert Jaworski
Robert Jaworski
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On September 27, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order (the "Order") with Flurish, Inc d/b/a LendUp (LendUp), a startup online lending company based in San Francisco that offers single-payment loans and installment loans in 24 states. The Order sends a powerful message to online lenders to make sure their legal houses are in order before opening their doors to customers.

CFPB Findings. The Order is based on the following findings, among others:

  • LendUp advertised that its loan program would build consumers' credit and credit scores, regularly furnish information to consumer reporting agencies and offer consumers access to "more money at better rates for longer periods of time" than other options available to them.

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