The MLA represents the marketplace lending industry. Our goal is to promote a transparent, efficient, and customer-friendly financial system by supporting the responsible growth of marketplace lending, fostering innovation in financial technology, and encouraging sound public policy.
The Marketplace Lending Association extends congratulations and wishes well to President-Elect Joe Biden, Vice President-Elect Kamala Harris on their election victory. We look forward to working with the Biden-Harris Administration to rebuild the economy, expand access to credit, protect consumers, and promote innovation.
In light of the unprecedented violence in the Capitol, resulting from an effort to undo a fair, free and thoroughly adjudicated democratic election, the Marketplace Lending Association is suspending any potential donations to members of Congress who voted against certifying the 2020 presidential election.
MLA Support for Illinois Economic Equity Pillar And 36% – (PDF)
The Marketplace Lending Association offers our strong support for the Economic Equity Pillar of the Illinois Legislative Black Caucus’ Reform Agenda. We support including a 36% APR cap on the cost of loans, calculated according to the Military Lending Act. Every day, Marketplace Lending Association members show that it is possible to adhere to a 36% APR cap and offer responsible loans based on the borrower’s ability to repay. We commend the Illinois Legislative Black Caucus, the Woodstock Institute, and many others, and are grateful for this opportunity to help advance meaningful change in the service of racial justice.
MLA Board of Directors Letter to the Membership, November 2020 – (PDF)
MLA’s Detailed Action Plan for a New Era of Diversity and Inclusion in Fintech and Lending – (PDF)
MLA’s fintech lenders share the vision of a more fair and equitable nation, and we have already seen that by working together with civil rights organizations like the National Urban League Entrepreneurship Centers, MLA can help change public policy for the better, delivering robust Truth in Lending Act style loan term disclosures to New York states’ small businesses for the first time. This partnership began with a connection in the office of Chairman Gregory Meeks (D-NY), where a number of MLA’s CEOs sat down with the National Urban League President and CEO Marc Morial, who, along with Rep. Meeks, provided the MLA with a vision of an inclusive fintech industry that can help strengthen communities and create more opportunity for all.
MLA’s Presentation, Making TALF Equitable & More Effective – (PDF)
Modifying TALF eligibility for marketplace lending will assist those who need it most, and assist those who represent over 70% of GDP: The American Consumer
Federal Reserve Board of Governors on Term Asset Lending Facility (TALF), (Consumer Loans) – (PDF)
Joint Letter to U.S. Treasury Secretary Mnuchin from MLA & Small Business Majority on Main Street Lending Programs – (PDF)
Letter to the Marketplace Lending Association and other organizations from Chairwoman Waters and other Members of the Financial Services Committee on the Coronavirus – (PDF)
MLA’s Board Members Response to Chairwoman Water’s Letter – (PDF)
BankThink Fed’s new TALF has a major gap
The Federal Reserve’s recent decision to revive the Term Asset-Backed Securities Loan Facility was a good and necessary one.
Resolving Madden: OCC and FDIC Proposed Regulations Should Be Entitled to Judicial Deference in All Courts If the Agencies Clarify How the Proposed Regulations Interpret Ambiguous Statutory Language – (PDF)
MLA Letter on Updating Data Sharing Principles – (PDF)
Richard Neiman – Lending Club
Julie Hwang – Prosper Marketplace
Frank Borchert – Marlette Funding
Campbell Gibson – Avant
Nat Hoopes – Upstart Network
Ulrico Izaguirre – Affirm
Rob Lavet – Social Finance (SoFi)
