CFPB Accepting Online Marketplace Lending Consumer Complaints

CFPB Consumer Complaints

On March 7, the CFPB announced that it is now accepting consumer complaints regarding the online marketplace lending industry. The CFPB simultaneously released a consumer bulletin defining the online marketplace lending industry as an online platform used “to connect consumers or businesses who seek to borrow money with investors willing to buy or invest in the loan.” The bulletin recommends that consumers take certain steps before applying for a loan or refinancing certain debt. CFPB Director Cordray did not expand on plans for how the CFPB will address the complaints, beyond noting that, “[b]y accepting these consumer complaints, we are giving people a greater voice in these markets and a place to turn to when they encounter problems.”