A recent report by the Cleveland Fed on online lending has caused quite the controversy over its content; the Marketplace Lending Association said the Fed should retract the report; even TransUnion, whose data the report relied upon, took issue with how they presented the material; “We have no understanding of how the Federal Reserve Bank of Cleveland could have used our data to reach the conclusions they did,” Ezra Becker, SVP at TransUnion, said to American Banker; the Fed stated the terminology used in the report has caused confusion but have yet to retract the report. Source.
When LendingClub’s founder and then CEO Renaud Laplanche testified before congress in December 2013 he was asked what the federal...
Experian is the most recent company to join the Marketplace Lending Association; credit reporting agency Experian has become actively integrated in the marketplace lending ecosystem and is committed to supporting transparent and responsible financial innovation for the marketplace lending industry; Experian's expertise in data and analytics will greatly support the goals of the Marketplace Lending Association. Source
Small businesses are becoming more anxious by the day with the crisis showing no signs of ending in the near...
A new bill has been introduced in Congress that would mandate the IRS to make their data available via API; the current process for lenders requires borrowers to fill out a form known as IRS 4506-T: Request for Transcript of Tax Return; Lend Academy provides additional information on the bill with thoughts from Congressman McHenry and Nat Hoopes, Executive Director of the Marketplace Lending Association. Source
Most lenders like to request tax return information from a borrower during the loan application process. It is the most...
The Marketplace Lending Association has added eOriginal as its newest member; eOriginal was founded in 1996 and has been actively involved in the integration of electronic documentation throughout the financial services industry; it currently provides solutions for marketplace lenders and its expertise will significantly support the goals of the Marketplace Lending Association. Source
While small businesses have been able to access credit during the current crisis, this is not the case for many...
Small businesses are becoming more anxious by the day with the crisis showing no signs of ending in the near...
Nathaniel Hoopes, head of the Marketplace Lending Association shares how the Madden v. Midland decision is having an adverse impact on borrowers in an American Banker opinion article. Source