The House of Representatives yesterday passed a bill that will move regulation of p2p lending services from the SEC to the newly created Consumer Financial Protection Agency (CFPA) in Spring 2010, provided the Senate and President Obama approve the new legislation.
Oversight by the SEC meant that Prosper, Lending Club and other p2p lending companies in the US had to go through an arduous registration process in the past, which forced them to close for new business for several months. Zopa even decided to exit the US market.
Prosper CEO Chris Larsen welcomed this development, saying: “In terms of how the Bill relates to peer-to-peer lending, we’ve always believed that the industry should be regulated as a bank-like sector by a strong, holistic regulator focused on providing robust protections for both lenders and borrowers…”.
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Visit http://www.40billion.com for more info about people funding businesses.
Janie, I approved your post, though it did seem more like an ad than a comment to the article to me
Anything that will encourage family and friend lending and P-2-P lending business models is good for the economy, the country and the people it touches. Steve Rabago, ZEO ZimpleMoney.com and ZimpleAuto.com