Treasury calls for reining in online lenders

The US Treasury on Tuesday called for greater oversight of online lenders, just one day after Lending Club ousted its CEO over faulty loans and conflicts of interest.

The Treasury, led by Jacob Lew, recommended that eight other regulatory agencies, including the Securities and Exchange Commission and the Consumer Financial Protection Bureau, should get together and figure out how they would oversee the relatively new world of online lending.

In addition to stricter oversight, the government agency said there should be more protections for borrowers, according to its “white paper” released on Tuesday.

Read on.

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