The new SEC’s registration requirement forces the new lending program to topic fund so you’re able to borrowers in the platform’s individual identity
Among the key ECOA standards ‘s the adverse step find: whether your borrower’s app for borrowing is denied, he’s entitled to a bad action “bringing statements out-of grounds on paper since the an issue of direction so you can individuals facing exactly who unfavorable action is actually removed
Proponents of one’s consolidated approach have been justifiably alarmed that the SEC create work on securing loan providers at the cost of borrowers. (more…)