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Report: CFPB plans to oversee large online lenders

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Report: CFPB plans to oversee large online lenders

The Consumer Financial Protection Bureau plans to announce aproposal this fall that would enable the agency to the largest online lenders assoon as late 2017, The Wall StreetJournal reported April 27, citing "people familiar with the matter."

The bureau indicated it would propose a rule to oversee thelargest installment and vehicle title lenders by September, according to thereport. However, the agency has not announced the proposal wouldextend to marketplace lenders, though it is currently reconsidering itsdefinition of installment lending to include such lenders.

In March, the CFPB announcedthat it is accepting complaints from consumers encountering problems with loansfrom online marketplace lenders.

Funding Circle, LendingClubCorp. and ProsperMarketplace Inc. in early April launched the Marketplace Lending Association, a U.S.nonprofit membership organization created to promote responsible businesspractices and sound public policy to benefit borrowers and investors.

Representatives of LendingClub and Prosper Marketplacedeclined to comment, the Journal said.