A federal judge denied fintech SoLo Funds Inc.’s motion to dismiss a Consumer Financial Protection Bureau enforcement action, marking the third time this month the agency has successfully fended off a new line of attack on its funding.
The CFPB sued Los Angeles-based SoLo Funds in May, alleging the online lending platform inflated the costs of the ostensibly low-cost loans it offered customers by forcing them to pay tips or make donations to the service.
SoLo responded by arguing that the CFPB is improperly funded, even though the US Supreme Court had already determined in a May ruling that the ...
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