The CFPB has issued its first "no action" letter to the Upstart Network, a company that used alternative data to make credit and pricing decisions.
As part of the "no action" letter, the CFPB stated that it has no intention of taking action against the company with respect to the Equal Credit Opportunity Act at the present time. In exchange, the company will regularly report lending and compliance data to the agency.
Upstart, based in San Carlos, Calif., provides an online lending platform for consumers to apply for personal loans, including credit cards and debt consolidation. It also sells its software to credit unions and other financial institutions.
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