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.
Now, the FTC has joined in by announcing that on June 9, 2016, it will host a half-day forum in Washington, D.C. “exploring the growing world of marketplace lending and its implications for consumers.” The forum will be the first in a series of FTC events looking at consumer protection across different areas of emerging financial technology.
According to the FTC’s announcement, the forum will bring together marketplace lending industry participants, consumer groups, researchers, and government representatives. It will examine the various models used by marketplace lenders, potential benefits to consumers, and possible consumer protection concerns. It will also look at how existing consumer protection laws might apply to companies participating in the marketplace lending space.