GSKY - GreenSky to resolve inquiry related to unauthorized loans

Andrey Maximenko/iStock via Getty Images GreenSky (GSKY) enters agreement with the Consumer Financial Protection Bureau to resolve its consumer complaints about certain allegedly unauthorized loans. Without admitting any liability or wrongdoing, company has agreed to pay a civil money penalty of $2.5M and to provide redress to eligible consumers where there is insufficient evidence of customer authorization that will be capped at $3M in cash redress and capped at $6M in credit redress via loan cancellations. As of June 30, 2021, the company was fully reserved with respect to this matter.

For further details see:

GreenSky to resolve inquiry related to unauthorized loans