Key takeaways

• The online marketplace lending industry is increasingly coming under scrutiny by federal and state regulators.
• The Consumer Financial Protection Bureau’s recent announcement that it will begin accepting consumer complaints regarding online marketplace lenders suggests that it may be considering supervising certain lenders, which would allow the Bureau to conduct on-site examinations and closely monitor the industry.
• With the increased scrutiny by regulators, online marketplace lenders should carefully consider a comprehensive review of their compliance-related practices and procedures.