The Milken Institute Center for Financial Markets (CFM) provided written comments to the Department of the Treasury regarding expanding access to credit through online marketplace lending.

In its September 28, 2015 letter, CFM made a series of recommendations to the Treasury.

Among them include:

•  Amend the relevant banking laws to codify the “valid when made” doctrine;
• Develop a uniform and consistent national regulatory regime for non-bank lenders that fosters innovation and competition while addressing the risks posed by the lending of non-depository funds;
• Provide lenders with guidance and appropriate safe harbors to avoid both inadvertent discrimination and meritless litigation; and
• Evaluate whether risk retention as required under the Dodd-Frank Act is appropriate for marketplace lending given marketplace lenders’ competitive environment and current lack of systemic risk.