Treasury Department Monitoring Online Lending

The U.S. Treasury Department recently announced that it will seek public comments concerning the expanding online mortgage industry. A Treasury Department statement noted that “Through a Request for Information (RFI) published in the Federal Register, Treasury seeks responses that will allow policymakers to study the various business models and products offered by online market place lenders, the potential for online marketplace lending to expand access to credit to historically under served borrowers, and how the financial regulatory framework should evolve to support the safe growth of this industry.” The RFI will be available in the Federal Register July 17, 2015, and the public may begin submitting comments on Monday, July 20. The comment period will be open for 45 days. In addition to the RFI, officials from the Treasury Department will be conducting roundtable discussions this summer with the public and industry regarding online marketplace lenders.

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