Is the CFPB Coming After Marketplace Lenders?
The CFPB recently released its fall 2015 Rulemaking Agenda, which suggests that the CFPB may be looking to exert its supervisory authority over certain marketplace lenders. If that is in fact the case, it would represent the agency’s first foray into this rapidly-developing credit marketplace.
The Rulemaking Agenda is released twice a year — in the spring and fall — and is where the CFPB identifies its rulemaking priorities for the short and long term. The fall Agenda contains a list of the various substantive rulemakings already underway at the CFPB — involving arbitration provisions, payday lending, prepaid accounts, overdrafts, debt collection, mortgage servicing, and the statutorily-required rule on women-owned, minority-owned, and small businesses data collection. These have all been publicly discussed by the CFPB before, and so they are no surprise. Read More