On March 7, 2016, the CFPB made its first official moves on “marketplace lending,” which also may be known as “peer-to-peer” lending. Specifically, the CFPB simultaneously issued two announcements: (1) a press release describing the expansion of its consumer complaint portal to include marketplace lending products; and (2) a consumer bulletin, titled “Understanding online marketplace lending,” which lists and explains factors consumers should take into account when considering online marketplace loans.
Read our client alert.