With Lending Club under the microscope (and the subject of a subpoena by the NYDFS last week regarding loans issued to New Yorkers), more inquiries can be expected in the near future into additional, yet-to-be-named firms.
Regulators have so far been tentative in seeking to impose substantial restrictions on the burgeoning P2P space, though coinciding with recent events at Lending Club, this could now be changing.
New York has been the first state to actively regulate bitcoin, will the same be true for P2P lending?
Last week, NYDFS subpoenaed San-Francisco based Lending Club, a so-called peer-to-peer lender, asking for information about loans it issued to New Yorkers since May 17, 2013. Information demanded by the regulator includes interest rates that Lending Club charges, underwriting standards and details about how the company verifies borrower information. Lending Club has until June 21 to respond. It has said it will cooperate fully with the investigation.