US Department of Treasury Extends Deadline for Comments on Marketplace Lending

US Department of TreasuryThe US Department of Treasury issued a “Request for Information” (RFI) on the burgeoning Marketplace / P2P lending sector several weeks back.  As summer vacations are quickly coming to an end, Treasury has decided to give direct lenders and interested parties a bit more time to submit their thoughts and feedback.  Originally scheduled to close on August 31st, submissions will now be accepted until September 30th, 2015. A quick view of submitted comments indicates few responses so far but expectations are for many of the marketplace lending platforms to submit detailed perspectives on the potential of the industry to boost access to capital.

jack lewThe Treasury RFI labeled “Public Input on Expanding Access to Credit Through Online Marketplace Lending” is described as seeking information about the business models and product offerings of online marketplace lenders; the potential for online marketplace lending to expand access to credit to historically underserved market segments; and how the financial regulatory framework should evolve to support the industry’s safe growth. A forum, closed to media, was held earlier this month with over 80 participants from the direct lending sector. Secretary of the Treasury, Jack Lew, stopped by for an unannounced visit and delivered a “supportive speech”.

 

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