CFPB Accepting Consumer Complaints for Marketplace Lenders

The CFPB announced today that it is now accepting consumer complaints about loans from online marketplace lenders. Borrowers submitting complaints will be able to select the type of loan they took out, such as a mortgage, consumer loan or student loan. Complaints will be forwarded to the lender, who will be expected to respond within 15 days.

The CFPB also issued a bulletin which included things consumers should consider before taking out a loan with a marketplace lender.

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Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.