CFPB Invites Complaints About New Set of Lenders; Compliance Issues Hit Capital Markets

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Posted To: Pipeline Press

Regulators don’t like the unregulated, and in what some would term, “the CFPB inviting more into its boat to be bashed with oars,” it announced it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. “The Bureau is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who are considering taking out loans from these types of lenders. “Millions of consumers take out personal loans online. Marketplace lending-often referred to as ‘ peer-to-peer ‘ or ‘platform’ lending-is a relatively new kind of online lending. 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. Generally, the…(read more)

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