NYDFS reportedly probing dozens of online lenders

From Reuters:

The New York Department of Financial Services sent the letter to San Francisco-based Prosper, the second largest online lender, as well as to Avant, Funding Circle, Upstart and others, according to the person, who was not authorized to publicly discuss the matter. Those companies could not be immediately reached for comment.

The department, in the letter, demanded “immediate compliance” with New York licensing requirements for debt collection, money transmission and mortgage lending activities. Companies that do not believe they require New York licenses must respond with information, such as descriptions of products and services the online lenders make available to New Yorkers, as well as cash flow charts, according to the letter dated Tuesday.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s