Regulators Said to Expand Online Lending Review to More Firms; UK Considers Tougher P2P Rules

According to a recent Bloomberg article, the New York Department of Financial Services has ordered 28 online lenders to disclose whether they offer loans to New York state residents along with a description of the types of financing they provide. The New York regulator also reminded firms that they need to have a New York state license to provide certain types of loans in New York.

Meanwhile, in the U.K., the Chairman of the Treasury Committee in Britain's Parliament, Andrew Tyrie, has asked the Bank of England and the Financial Conduct Authority ("FCA") to determine if more protections with regard to peer-to-peer lending were needed for consumers. According to a recent Reuters article, Parliament will also be checking whether platforms need more capital to withstand downturns.

"The committee is concerned to ensure that the FCA is paying due attention to the risks – and the opportunities – afforded by the growth of peer-to-peer lending and related markets," Tyrie said in a statement on Wednesday.

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