Treasury Department Extends Comment Period for Online Marketplace Lending Information Request

The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the comment period has been extended to September 30, 2015.

The RFI, which contains a series of questions involving various areas of interest, reflects the Treasury Department’s recognition that online marketplace lending is growing rapidly and significantly impacting the credit marketplace. The information sought is intended to allow the Treasury Department to study the business models of online marketplace lenders and the products offered to small businesses and consumers; the potential for online marketplace lending to expand credit access for historically underserved markets; and how the financial regulatory framework should evolve to support the industry’s “safe growth.”

To assist clients already established in the online marketplace lending space as well as start-ups and firms expanding into this space, Ballard Spahr’s Consumer Financial Services Group has formed a Marketplace Lending Task Force. The task force brings the group’s nationally recognized excellence in financial services compliance and litigation to the rapidly developing landscape of online marketplace lending. Task force members include regulatory lawyers with extensive experience with virtually every financial product offered to consumers and small businesses, and litigators who regularly handle administrative investigations and enforcement proceedings and defend class actions and other complex litigation. Our clients include FinTech platforms, balance-sheet finance companies, bank partners, investors, and service providers in both the “peer-to-peer” and “business-to-business” segments of the industry. Our lawyers regularly assist clients in the preparation and filing of comments in agency rulemaking and other proceedings and we are currently assisting clients in submitting comments in response to the RFI.