New York’s financial regulator has ordered 28 online lenders to disclose whether they offer loans to state residents and to describe the types of financing they provide, according to a person briefed on the matter.
The state’s Department of Financial Services sent letters this week to firms including Prosper Marketplace Inc. and Funding Circle, according to the person, who asked not to be identified discussing a review. The letters, which were previously reported by Reuters, ask for information by June 10 and remind firms that they need to have state licenses to provide certain types of loans in New York, the person said.
