SFIG Submits Comments to Basel Consultation on Fintech

On Tuesday, October 31st, SFIG's Marketplace Lending (MPL) Committee submitted comments to the Basel Committee on Banking Supervision (BCBS) consultative document entitled Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisors. The consultation assesses how technology-driven innovation in financial services may affect the banking industry and the activities of regulators and supervisors in the near to medium-term.

SFIG’s comments focused on the position that extensive and robust regulation already exists covering the extension of credit, asset sales and securities issuance relevant to the MPL market. Our response emphasizes that marketplace loans are essentially the same as loans originated via traditional channels, that supervisors should avoid creating unintended barriers to innovation, and that the goals of financial stability and consumer protection may be pursued within a regulatory framework that facilitates innovation.

If you are interested in joining the Marketplace Lending Committee, please contact Michael.Williams@sfindustry.org.

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