In an attempt to expand their customer base and cut costs at a time of declining revenues, U.S. depository institutions are jumping into partnerships with online lenders that could draw regulatory scrutiny. Once a small market comprised of informal platforms that matched individual lenders with individual borrowers, peer-to-peer (P2P) lending has since attracted venture capital investors. In the United States alone, P2P lenders issued $5 billion of new, largely unsecured loans to small- and medium-sized enterprises in 2014, according to the Organisation for Economic Cooperation and Development. That growth of the sector has also drawn interest from some of the...
Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.
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