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While marketplace lenders have introduced valuable innovation into financial services, they carry a fundamental flaw that threatens to undermine their business, destabilize financial markets and cause real economic hardship.
August 17 -
The federal government's first broad inquiry into the fast-growing peer-to-peer loan industry raises several important questions, including whether banks will lobby for a clampdown on these lightly regulated competitors.
July 22 -
The Treasury Department launched an inquiry into the marketplace lending industry on Thursday, seeking information on its business models, customers and whether such firms should be forced to keep some "skin in the game."
July 16
The Treasury Department announced Tuesday that members of the public will have an additional month to submit comments about the online marketplace lending industry.
Treasury said that it will now accept comments through September 30. The original comment period ran until Aug. 31.
Treasury launched its inquiry into the fast-growing industry on July 16, releasing a request for information that
The agency says that it's interested in learning more about specific business models, the potential for the marketplace lenders to expand access to credit to underserved market segments, and how regulation should evolve.
[Coming this November:
One Treasury question that has garnered significant attention inside the industry is
Marketplace lending is an umbrella term referring to firms that use online platforms to facilitate peer-to-peer, institution-to-peer, institution-to-business, and peer-to-business loans.
As part of Treasury's inquiry, the agency held an Aug. 5 meeting with approximately 80 marketplace lending industry representatives, consumer advocates, and other interested parties.
