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> “LendUp was backed by some of the biggest names in venture capital,” said CFPB Director Rohit Chopra. “We are shuttering the lending operations of this fintec
by vmception 5y ago
> “LendUp was backed by some of the biggest names in venture capital,” said CFPB Director Rohit Chopra. “We are shuttering the lending operations of this fintech for repeatedly lying and illegally cheating its customers.”
Juicy!
- notyourday 5y agoThey should go after the board as officers and directors of the company do not get corporate protection. We need to have officers and directors of those companies to go to jail. Alas CFPB is pretty toothless.
- sokoloff 5y agoIt amuses me that the adverb "illegally" is important to include in that sentence.
- voiper1 5y agoHah, but it was absolutely necessary. The government can't shut down companies merely for lying or legally cheating customers...
- vmception 5y agoExactly, and by “shutdown” they mean “shutters lending for now” The business is still available to do anything and is well capitalized. The regulator has to make it seem like a laser strike from orbit, using words like “LendUp was backed by some” in the past tense as if the company is dissolved, but its not and still is backed by the same capital sources. Time to remedy the operation, challenge the CFPB in court, pivot etc