The CFPB Is Watching Online Marketplace Lending—So Should You

The CFPB Is Watching Online Marketplace Lending—So Should You

Mar 29, 2016

Client Alert

Brownstein Client Alert, March 29, 2016

On March 7, 2016, the Consumer Finance Protection Bureau (“CFPB”) announced that its complaint database would now accept complaints from consumers encountering problems with loans from online marketplace lenders. According to the CFPB, millions of consumers take out personal loans online and marketplace lending handles underwriting and customer service interactions with the borrower. Once a loan is originated, the lender generally makes arrangements to transfer ownership to the investors while it services the loan. The CFPB is watching.

Click on above PDF to read the entire article.

Meet The Team

Richard B. Benenson Shareholder T 303.223.1203 rbenenson@bhfs.com
Jonathan C. Sandler Shareholder T 310.564.8672 jsandler@bhfs.com
John Sonsalla Policy Advisor T 202.652.2357 jsonsalla@bhfs.com