On June 9, 2016, the FTC will host a “FinTech forum on marketplace lending,” the first in a forum series described by the FTC as “exploring emerging financial technology and its implications for consumers.” According to the FTC, the forum “will examine the range of marketplace lending models, their potential benefits to consumers, possible consumer protection concerns, and the applicability of consumer protection laws to market participants.”… Continue Reading
The CFPB recently joined other federal regulators who have indicated a growing interest in marketplace lending with its announcement that it is accepting consumer complaints about loans obtained through marketplace lenders. The U.S. Department of the Treasury had previously demonstrated its interest in marketplace lending by issuing a request for information (RFI) in July 2015.… Continue Reading
The interest of federal regulators in marketplace lending continues to grow. In March 2016, the CFPB announced that it is taking complaints about marketplace lenders. In July 2015, the Treasury Department issued a request for information regarding online marketplace lending and, in February 2016, the FDIC published an article highlighting the risks for banks that partner with marketplace lenders.… Continue Reading
The CFPB announced that it is now accepting consumer complaints about loans obtained through marketplace lenders and also issued a consumer bulletin directed at consumers who are shopping for such loans. The CFPB’s press release contains the following description of a marketplace lender: “A marketplace lender uses an online interface to connect consumers or businesses seeking to borrow money with investors willing to buy or invest in the loan. … Continue Reading
Evidence of CFPB interest in small business lending continues to mount. While it was not surprising to see federal regulators attending the American Banker’s Marketplace Lending +Investment conference in New York City two weeks ago since many marketplace lenders make consumer loans, the CFPB also had several representatives attend the American Banker’s Small Business Banking conference in Nashville earlier this week. … Continue Reading
Companies involved in marketplace lending will be quite interested in the attendee list for the American Banker’s Marketplace Lending + Investing conference taking place this week in New York City. It indicates that 22 federal regulators plan to attend, including 4 from the CFPB.
Could there be a stronger indication that federal regulators are keenly interested in the space?… Continue Reading