CFPB announces first no-action letter to Upstart Network to gain input on alternative credit

The Consumer Financial Protection Bureau announced a first-of-its-kind no-action letter issued to Upstart Network, a company that uses alternative data in making credit and pricing decisions.The CFPB’s approval of Upstart Network’s no-action letter application lets the company know that CFPB staff has "no present intention to recommend initiation of an enforcement or supervisory action with respect to the specific matter." This is a positive move for consumers, as the decision allows