Looking for a loan? For consumers and small businesses, that used to mean a foray into the paneled offices of something with “First National” in the name and hushed conversations with a guy who looks like the moneybags man on the “Monopoly” board. But the emergence of marketplace lending is changing the face of credit. Mark your calendar for June 9, 2016, when the FTC kicks off its FinTech series with a half-day forum to consider the consumer protection implications of marketplace lending.
Marketplace lending is a fast-growing sector offering new ways for consumers and businesses to secure credit. Lenders are typically online financial platforms that use technology to reach potential borrowers, evaluate creditworthiness, and make loans.
The June 9th forum will bring together industry members, consumer groups, researchers, government representatives, and others to look into different marketplace lending models. After opening remarks from FTC Chairwoman Ramirez, the first panel will explore the current state of marketplace lending and what it means for consumers. Next will be a presentation by OTECH, the FTC’s Office of Technology Research and Investigation. The last panel will look forward: How will consumers be protected as the marketplace evolves? Bureau of Consumer Protection Director Jessica Rich will end the morning with some perspectives to frame the continuing conversation.
The forum, which is free and open to the public, will take place at the FTC's Constitution Center venue, located at 400 7th Street, S.W., in Washington, DC. Make plans to join us at 9:00 on June 9th to participate in this important discussion.