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.
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