Payments News


New York State Will Regulate Online Lenders To ‘Level Playing Field’ For Banks

“Online lenders may own more than half of the personal lending market, but they face serious headwinds. For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive. In New York State, perhaps anticipating a vacuum of consumer protections at the federal level, that second condition has been met.”