FTC Calls for Further MPL Regulation

According to a recent American Banker article, the Federal Trade Commission (“FTC”) does not believe that the number of self-regulatory plans over the last year by marketplace lenders is sufficient.

"To be meaningful, these types of efforts need robust procedures to monitor compliance and tangible consequences when the rules aren't followed," said Jessica Rich, Director of the FTC's Bureau of Consumer Protection.

If you would like to join SFIG’s Marketplace Lending (“MPL”) Committee and learn more about our recommended market best practices initiative, please contactJennifer.Wolfe@sfindustry.org.

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