Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Bureau sues online lender for MLA violations
The Consumer Financial Protection Bureau has filed a lawsuit against LendUp Loans, LLC. The Bureau alleges that LendUp violated the Military Lending Act in connection with its extensions of credit.
LendUp, which has its principal place of business in Oakland, California, is an online lender that offers single-payment and installment loans to consumers. The Bureau’s complaint, filed in the U.S. District Court for the Northern District of California, seeks an injunction, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties.
The Bureau alleges that since October 2016, LendUp has made over 4,000 single-payment or installment loans to over 1,200 covered borrowers in violation of the MLA. The Bureau claims that LendUp’s violations of the MLA include extending loans with an MAPR that exceeds the MLA’s 36% cap, extending loans that require borrowers to submit to arbitration, and failing to make certain required loan disclosures, including a statement of the applicable MAPR.
The Bureau said that its action against LendUp is part of a sweep of investigations of multiple lenders that may be violating the Military Lending Act.