Tag Archives: Online Lenders

CFPB Sues Tribal-Affiliated Online Loan Servicer for Collecting on Allegedly Void Loans

On November 16, 2017, the CFPB filed suit in Montana federal court against Think Finance for activities connected to its tribal-affiliated internet lending business.  Think Finance worked with lenders owned by Native American tribes to offer small-dollar loans to consumers that the Bureau alleges are void under state law.  This suit came on the same … Continue Reading

CFPB Issues its First No-Action Letter

On September 14, 2017, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) issued a no-action letter for the first time, after having finalized its no-action letter policy in February 2016.  The Bureau’s letter grants a request by Upstart Network, Inc. (“Upstart”), an online lender that uses both traditional and non-traditional credit scoring data, … Continue Reading
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