in Fintech
On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on grounds that it was operating as an unlicensed small loan company. Moreover, the FinTech company was cited for operating as an unlicensed consumer collection agency, and for engaging in deceptive acts or practices under consumer protection laws. [Read more]
