U.S. Treasury Looks Into Online Lending Industry

CrowdFundBeat News Wire,

The U.S. Treasury Department on Thursday opened a study of the online marketplace lending industry, in one of the first federal forays into the fast-growing sector that is an evolving alternative to traditional banking. WJC

Public Input on Expanding Access to Credit Through Online Marketplace Lending

A Notice by the Treasury Department on 08/18/2015

https://www.federalregister.gov/articles/2015/08/18/2015-20394/public-input-on-expanding-access-to-credit-through-online-marketplace-lending?utm_content=header&utm_medium=slideshow&utm_source=homepage

DEPARTMENT OF THE TREASURY
Public Input on Expanding Access to Credit through Online Marketplace Lending

AGENCY: Office of the Undersecretary for Domestic Finance, Department of the Treasury.

ACTION: Notice and request for information.

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SUMMARY: Online marketplace lending refers to the segment of the financial services industry
that uses investment capital and data-driven online platforms to lend to small businesses and
consumers. The Treasury Department is seeking public comment through this Request For
Information (RFI) on (i) the various business models of and products offered by online
marketplace lenders to small businesses and consumers; (ii) the potential for online marketplace
lending to expand access to credit to historically underserved market segments; and (iii) how the
financial regulatory framework should evolve to support the safe growth of this industry

SUPPLEMENTARY INFORMATION: I. Request for Information The Treasury Department is seeking public comment through this RFI to study (i) the various business models of and products offered by online marketplace lenders to small businesses and consumers; (ii) the potential for online marketplace lending to expand access to credit to historically underserved market segments; and (iii) how the financial regulatory framework should evolve to support the safe growth of this industry. In particular, the Treasury Department is interested in responses to the following questions. We also seek any additional information beyond these questions that market 4 participants believe would assist in our efforts to become better informed of the impact of online marketplace lending on small businesses, consumers, and the broader economy. Online marketplace lenders may be subject to regulations promulgated by various agencies including, but not limited to, the CFPB and the Federal Trade Commission. Respondents should provide as much detail as possible about the particular type of institution, product (e.g., small business loan, consumer loan), business model, and practices to which their comments apply. Responses to this RFI will be made public.

Full PDF

http://www.treasury.gov/connect/blog/Documents/RFI%20Online%20Marketplace%20Lending.pdf

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