The U.S. Department of Treasury issued its much-anticipated marketplace lending white paper. The white paper, Opportunities and Challenges in Online Marketplace Lending, makes several recommendations to encourage safe growth and access to credit through the continued developments of online marketplace lending, including:

  • Support for more robust small business borrower protections and effective oversight;
  • Ensuring a sound borrower experience and back-end operations;
  • Promotion of a transparent marketplace for borrowers and investors;
  • Expanding access to credit through partnerships that ensure safe and affordable credit;
  • Supporting the expansion of safe and affordable credit through access to government-held data; and
  • Facilitate interagency coordination through the creation of a standing working group for online marketplace lending.

The Treasury consulted with staff from other agencies including the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Federal Trade Commission, Office of Comptroller of the Currency, Small Business Administration, and Securities and Exchange Commission.

 Opportunities and Challenges in Online Marketplace Lending