Lending Club partners with Funding Circle and Prosper to launch Marketplace Lending Association
Lending Club has joined forces with Funding Circle and Prosper Marketplace to form the Marketplace Lending Association (MLA), a U.S. non-profit membership organization to promote responsible business practices and sound public policy to benefit borrowers and investors.
To ensure the responsible growth of marketplace lending, the MLA has established the Marketplace Lending Operating Standards, a set of industry standards addressing transparency for investors, responsible lending, governance and controls, and risk management. You can read the Operating Standards on the MLA website, www.MarketplaceLendingAssociation.org.
Through the MLA, we will also be engaging policymakers and stakeholders to establish sound policy development for marketplace lending. And we will continue doing what’s best for our customers: expanding access to affordable credit, focusing on transparency and protecting our borrowers and investors.
With the backing of the three biggest U.S. marketplace lenders, the MLA will help create a financial system that sets out to accomplish Lending Club’s mission: transform the banking system to make credit more affordable and investing more rewarding.
Richard Neiman is the Head of Regulatory & Government Affairs at Lending Club.