The Consumer Financial Protection Bureau has issued a no-action letter to Upstart Network, Inc., a company that uses alternative data in making credit and pricing decisions. As a condition of the letter, Upstart regularly will report lending and compliance information to the bureau to mitigate risk to consumers.
The goal of the CFPB’s no-action letter program is to facilitate consumer-friendly innovations where regulatory uncertainty may exist for certain emerging products or services.
Read on for more details about the bureau’s latest move.
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