Changing Regulatory Weather For Online Lenders

From: PYMNTS.com

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New Regulatory Interest

Signs of the CFPB’s growing interest in online lending marketplaces have emerged throughout early 2016, most recently with the regulators actively encouraging borrowers to submit complaints when they encounter issues with online borrowing.

The database consumers would be feeding is one of the organization’s guiding tools for supervision, enforcement and regulation creation — and the notice last week indicates an inclination to begin taking a closer and more comprehensive look at the emerging class of technology-backed lending outfits.

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