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Fintech companies dealing with consumer credit and consumer information may be subject to the Fair Credit Reporting Act (FCRA).1
Peer-to-peer lending, social-lending and crowd-lending have become popular alternatives to standard bank loans in the United States. However, many of the consumer protection laws applicable to traditional loans may also apply to loans made via these marketplace lending platforms, including the Truth in Lending Act, Equal Credit Opportunity Act and Fair Debt Collection Practices Act. The regulators primarily responsible for enforcing these consumer protection laws include the CFPB and the Federal Trade Commission.1
Depending on the particular business model, marketplace lenders may also be regulated by the Federal Reserve, FDIC and the OCC. In addition, marketplace lenders may be subject to state consumer protection laws, including laws prohibiting unfair, deceptive or abusive acts and practices, and may be subject to state licensing requirements to act as a lender, broker or debt collector.1