On March 7, 2016, the CFPB made its first official moves on "marketplace lending," which also may be known as "peer-to-peer" lending. Specifically, the CFPB simultaneously issued two announcements: (1) a press release describing the expansion of its consumer complaint portal to include marketplace lending products; and (2) a consumer bulletin, titled "Understanding online marketplace lending," which lists and explains factors consumers should take into account when considering online marketplace loans.
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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