CFPB v. LendUp Loans, LLC
The Bureau alleged that the defendant violated the Consumer Financial Protection Act of 2010 (CFPA) by collecting unauthorized fees, & the Equal Credit Opportunity Act (ECOA) by failure to provide timely and accurate adverse-action notifications to loan applicants.
In a lawsuit filed on December 30, 2021, in the United States District Court for the Southern District of California, against LendUp Loans, LLC the CFPB alleged that the defendant violated the Consumer Financial Protection Act of 2010 (CFPA) using deceptive acts and practices as well as its consent-order violations in connection with its marketing of the LendUp Ladder and claims regarding the benefits of repeat borrowing that were not provided.
The CFPB Also alleged violation of the Equal Credit Opportunity Act (ECOA) by failure to provide timely and accurate adverse-action notifications to loan applicants. The stipulated final judgment and order, among other requirements, prevents LendUp LLC from directly or indirectly providing advertising, marketing, promoting, offering for sale, selling, or providing any extension of credit; and requires the defendant to pay a civil money penalty.
Victim compensation
The CFPB has contracted EPIQ to administer payments for this case and answer consumers' questions. For questions related to this case, please:
- Call: 1 (888) 622-1598
- Email: info@cfpb-LendUp.org
- Mail: P.O. Box 2107, Portland, OR 97208-2107
Important dates
May 8, 2024 – Ongoing: Distribution