Marketplace Lender ‘Welcomes’ CFPB Move
Soon-to-launch auto finance marketplace lender SpringboardAuto.com views the Consumer Financial Protection Bureau’s recent announcement that it will soon accept complaints regarding online marketplace lenders as an “added opportunity for consumer feedback,” Stuart Holmes, chief marketing officer, told Auto Finance News.
The CFPB announced last week that it will accept complaints to give consumers “a greater voice in these markets,” Director Richard Cordray said in a press release. “We value consumer empowerment,” Holmes said. “Our online platform supports consumers during each step of the loan process by offering faster decisions, transparency, personalized loan terms, and instructional videos, all of which we believe result in a better consumer experience and align with the CFPB’s charter.”
To date, no official regulation has been placed on the marketplace lending space. Whether accepting complaints is CFPB’s lead-in to introducing more formal regulation, SpringboardAuto.com feels well-prepared.
“Our management team not only has deep and extensive experience within the auto finance industry, but also in consumer protection principles and financial institution regulation,” Holmes said.
Learn more about marketplace lending at Auto Finance Innovation 2016, May 11 in Fort Worth, Texas. Visit www.autofinanceinnovation.com
