Home / Expanding Access to Credit Through Online Marketplace Lending

Date

10/01/2015

Summary

Response to the US Dept. of Treasury for information on marketplace lending. Online marketplace lenders should

  • comply with applicable state laws
  • follow underwriting ability-to-repay lending practices based on income and expense
  • follow small business loan protection practices, including prohibition of broker steering
  • be prohibited from using mandatory arbitration clauses

Organization

Center for Responsible Lending

Country/Region

USA