The following statement is attributed to Brian Peters, Executive Director:
The Treasury Department and its partner agencies have produced an informative white paper that helps bring much needed clarity to the nascent online lending market. Financial Innovation Now looks forward to working with Treasury’s interagency working group to improve transparency and lending best practices. We are very pleased the paper makes clear that technology and alternative lending can expand access to credit in underserved markets, particularly small businesses. Most importantly, the paper recognizes the benefits of data innovation.
It is our hope that regulators and Congressional leaders will work to support an environment in which innovative technologies can continue to enable small businesses to access credit.