Dems Probe Upstart, Others On Fair Lending Concerns

Law360 (February 14, 2020, 8:43 PM EST) -- A group of Democratic senators has asked Upstart for information about its practices after a report found the lender may be charging higher interest rates to students who graduated from historically black colleges and universities and Hispanic-serving institutions.

In a letter Thursday, Sens. Sherrod Brown, D-Ohio, the top Democrat on the Senate Banking Committee; Elizabeth Warren, D-Mass.; Bob Menendez, D-N.J.; Cory Booker, D-N.J.; and Kamala Harris, D-Calif., peppered Upstart with questions about how it uses educational data to make credit decisions and how it tests compliance with fair lending laws.

They also sent similar letters to a number of other lenders...

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