On May 10, 2016, the U.S. Department of the Treasury (“Treasury”) issued a white paper, entitled “Opportunities and Challenges in Online Marketplace Lending” (“White Paper”). The White Paper describes Treasury’s review of online marketplace lending and provides Treasury’s recommendations to the private sector and the federal government on how to encourage “safe growth” in the industry. The White Paper also summarizes the approximately 100 responses to Treasury’s July 20, 2015 request for information (“RFI”) on the marketplace lending industry.
According to Treasury, the White Paper is the next step in a “multi-stage process led by Treasury, in consultation with regulatory partners, to understand this market . . . and to inform appropriate policy responses.” For purposes of the White Paper, Treasury’s “regulatory partners” include the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the Board of Governors of the Federal Reserve System (“FRB”), the Federal Trade Commission (“FTC”), the Office of the Comptroller of the Currency (“OCC”), the Small Business Administration (“SBA”), and the Securities and Exchange Commission (“SEC”).
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