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CFPB Issues First No-Action Letter To Online Lender

Law360, New York (September 14, 2017, 5:34 PM EDT) -- The Consumer Financial Protection Bureau on Thursday issued its first no-action letter to online lender Upstart Network Inc., allowing the company to continue using alternative credit data to evaluate borrowers in exchange for providing data to the federal consumer finance watchdog.

San Carlos, California-based Upstart is a marketplace lender that uses information such as a potential borrower’s education and employment histories alongside traditional credit scores when evaluating an application for personal loans including credit card refinancing, student loans and debt consolidation, according to the company’s application...
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