Fintech Firm LendUp Shuttered for Not Fixing Deceptive Practices

The Consumer Financial Protection Bureau shut down a California-based fintech lender that the agency says violated a 2016 consent order over unfair and deceptive marketing practices.

LendUp Loans LLC will stop issuing new loans and stop collecting on loans that allegedly were issued to consumers using misleading tactics as part of a settlement with the CFPB filed Tuesday in the U.S. District Court for the Northern District of California. The company also agreed to a $100,000 civil money penalty.

“LendUp was backed by some of the biggest names in venture capital,” CFPB Director Rohit Chopra said in a statement. “We ...