Removing Barriers Blog

CUNA Sends Letter to US Treasury Regarding Online Lending
Posted September 29, 2015 by CUNA Advocacy

CUNA filed a letter today with the US Treasury, in response to its request for information regarding online marketplace lending.

Our letter:

  • Asks that Treasury review online lending with an eye toward ensuring adequate consumer protection exists in this largely unregulated space;
  • Refutes Treasury’s assertion that online lending is necessary to satisfy lack of available credit for certain underserved segments of the population;
  • Emphasizes credit unions’ focus on serving low-income and underserved consumers;
  • Highlights credit unions’ continued growth in making MBLs; and
  • References the current constraints imposed by the MBL cap.
You can read the full letter here.