U.S. consumer watchdog orders GreenSky to pay fine for lending abuses
By Katanga Johnson
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau (CFPB) on Monday acknowledged it has fined an Atlanta-based financial experience company $2.5 million for processing and servicing loans to clients who did not request or authorize them to accomplish that.
GreenSky, LLC is a mobile app that connects retailers and banks with prospects who’re usually wanting for financing for largely home-improvement duties.
The CFPB moreover ordered the company to refund or cancel up to $9 million in loans it allowed outdoor retailers to promote and provide clients.
The order comes as part of ongoing scrutiny of fintech firms that automate the provision and use of financial firms by means of on-line platforms and models, like cell telephones.
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