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|ABA Reacts to Treasury White Paper on Online Marketplace Lending|
|Wednesday, 11 May 2016|
“We applaud Treasury’s efforts to better understand the emerging market of online non-bank lending through an open and collaborative process. A policy ecosystem that supports innovation both inside and outside banks is wholeheartedly supported by the banking industry.
“The emphasis on partnerships between banks and marketplace lenders is particularly welcomed. These partnerships support a vibrant and secure economy.
“While there is much to support in Treasury’s recommendations, enacting more laws is not one of them. There are numerous laws today that ensure small business loans are made responsibly. What is needed is proactive oversight to ensure that rules are followed and borrowers are treated fairly regardless of the provider. Banks already have a culture of compliance and strong regulatory oversight which should be emulated by all credit providers.
“Adding more regulations and restrictions on all lenders—bank and non-bank—will only make it harder and more costly for the smallest of loans to be made. These loans are the ones that drive growth on Main Street and flexibility is critical to meeting small business credit needs.
“We look forward to working with Treasury to ensure America’s small businesses have access to the credit they need.”
By Rob Nichols, ABA president and CEO
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