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Fintech backed by prominent venture capitalists fined by US CFPB for violating order

( December 21, 2021, 20:58 GMT | Official Statement) -- MLex Summary: California-based LendUp Loans agreed to stop making new loans and collecting on some outstanding loans, as well as to pay a $100,000 penalty, to resolve a lawsuit from the US Consumer Financial Protection Bureau alleging the financial technology firm violated a 2016 CFPB order by continuing to engage in illegal and deceptive marketing. The CFPB suit had also accused LendUp of violating fair lending regulations. The firm attracted investments from prominent investors, including Google Ventures, Andreessen Horwitz, Kleiner Perkins, PayPal Holdings, and QED Investors.See statement and document below....

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