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House Financial Services Committee To Hold Hearing on Terrorism Financing

The hearing scheduled for 10am this morning will be the first of several hearings on terrorism financing the committee intends to hold over the next several months.

January 26, 2016 By Peter Renton 3 Comments

Views: 7

House Financial Services CommitteeOn the face of it this hearing has little to do with the marketplace lending industry. The hearing is somewhat sensationally titled: “Trading with the Enemy: Trade-Based Money Laundering is the Growth Industry in Terror Finance”.

So the focus for this hearing will be trade finance. But given what happened with the recent attacks in San Bernardino and the subsequent request for information from this very committee it will not be a surprise if this industry enters into the conversation. Even if it doesn’t I have heard that this is the first of several hearings the committee will hold over the coming months and one of them will be focused on marketplace lending directly.

Now, this is an election year and like most things in Congress politics will come into play. And given that fighting terrorism is one of the few bipartisan issues it is quite possible that something will emerge out of this committee that will impact our industry.

We will be following developments here closely and will report back on any news.

 

Filed Under: Peer to Peer Lending Tagged With: Congressional hearing, Federal Government, House Financial Services Committee

Views: 7

Comments

  1. Kenyon Meadows MD says

    January 26, 2016 at 5:14 am

    Hope no unnecessary regulation comes from this. I love peer to peer lending

    Reply
  2. Prosperous Jeff says

    January 26, 2016 at 9:05 am

    It’s a witch hunt. Prosper did all of the legwork required by law to check out the borrower in the San Bern. loan, so it’s just a bunch of know-nothing politicos trying to get election year credit. Pretty pathetic! The terrorist could just as easily walked into Wells Fargo or BankofAmerica and filed for a credit card to fund their scheme.

    Reply
    • Peter Renton says

      January 26, 2016 at 10:12 am

      Completely agree. We all know how politics works in Washington which is why we need to pay close attention here.

      Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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