Resources to help you navigate the changing regulatory landscape

SoLo logo.

CFPB Sues SoLo Funds for Deception and Illegally Extracting Fees

The Consumer Financial Protection Bureau (CFPB) sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans.

The CFPB alleges that SoLo markets itself as a consumer-friendly alternative to high-cost, short-term loans.

Despite advertising zero-interest loans or 0 percent APR loans, SoLo’s use of dark patterns ensures that almost every borrower pays a fee, in the form of a “tip” or “donation.”

Read more.

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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