Economics
Online Lenders Have Ex-Regulators' Help Amid Shooting Scrutiny
- San Bernardino shooter's Prosper loan may prompt legislation
- Summers, Levitt advising online firms battling large banks
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Planned congressional hearings spurred by a loan to one of the San Bernardino shooters weeks before the attack will put the online lending industry under new scrutiny, testing a phalanx of former regulators that many of the firms had already hired to help them navigate Washington.
Prosper Marketplace Inc., which arranged the loan for alleged shooter Syed Rizwan Farook, has Raj Date, the former deputy director of the Consumer Financial Protection Bureau, on its board. The CFPB makes and enforces lending rules.