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Home > CFPB > CFPB Sends Clear Message That FinTech Start-Ups have actually Same responsibilities as Established Companies
In an obvious message to FinTech start-ups, on September 27, 2016, the customer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to cover $1.83 million in refunds and a civil penalty of $1.8 million for neglecting to deliver the guaranteed advantages of its items. Flurish, a bay area based business conducting business as LendUp, provides tiny buck loans through its site to customers in a few states. In its permission purchase, the CFPB alleged that LendUp failed to provide customers the chance to build credit and offer usage of cheaper loans, since it reported it could. LendUp didn’t acknowledge to virtually any wrongdoing within the purchase. Continue reading “CFPB Sends Clear Message That FinTech Begin Ups Have Actually Exact Exact Same Responsibilities as Established Businesses”
