Online lending platform Upstart Network is the first company to receive a no-action letter from the Consumer Financial Protection Bureau under a program to support new financial technologies.
The CFPB said Sept. 14 it has no plans to take supervisory or enforcement action against San Carlos, Calif.-based Upstart with respect to the Equal Credit Opportunity Act. The company, which uses alternative data in making credit and pricing decisions, will regularly report lending and compliance information to the CFPB as a condition of the no-action letter.
The no-action letter is part of a CFPB innovation project known as Project Catalyst. Banks ...
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