The CEOs of Funding Circle, Lending Club and Prosper have joined forces and formed their own U.S. nonprofit trade association. The launch of the Marketplace Lending Association (MLA) is to promote responsible business practices and sound public policy to benefit borrowers and investors. The MLA plans to educate policymakers and other stakeholders along with supporting the responsible growth of marketplace lending. This idea was introduced just in time for the annual industry event at LendIt USA 2016 in San Francisco and it was off to a good start.
Sam Hodges, Co-Founder and U.S. Managing Director of Funding Circle says "it is really important to be in active dialogue with regulators to provide a forum for thoughtful discussion as the industry develops. Specific regulation [for the marketplace lenders] could be a healthy thing.”