Treasury Issues Request for Information on online marketplace lenders and expanding access to credit
WASHINGTON – The U.S. Treasury Department announced today that it will seek public input on the growing online marketplace lending industry. Through a Request for Information (RFI) published in the Federal Register, Treasury seeks responses that will allow policymakers to study the various business models and products offered by online marketplace lenders, the potential for online marketplace lending to expand access to credit to historically underserved borrowers, and how the financial regulatory framework should evolve to support the safe growth of this industry.
“Innovation in financial services is creating new ways for consumers and small businesses to secure credit,” said Antonio Weiss, Counselor to the Treasury Secretary. “By soliciting public comments on this relatively new industry, we hope to better understand the potential for online technology to expand access to safe and affordable credit for consumers and small businesses."
The RFI will be available in the Federal Register tomorrow, July 17, 2015, and the public may begin submitting comments on Monday, July 20, 2015. The comment period will be open for 45 days. In addition to the RFI, officials from the Treasury Department will be conducting roundtable discussions this summer with the public and industry regarding online marketplace lenders.