Financial technology representatives told Congress on Tuesday that they are wary—but not outright opposed—to new regulations being considered for the online lending sector.
“The existing regulatory framework has created a reasonable balance between consumer protection and allowing these companies to bring innovations to market,” Sachin Adarkar, general counsel of peer-to-peer lending company Prosper Funding, told the Financial Institutions and Consumer Credit Subcommittee. “I would be cautious about a new structure for that reason, without knowing more about where the tradeoffs would be.”
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