Countering her and Nichol’s pleas for more federal oversight, Electronics Payment Association representative Parris Sanz urged policy makers to encourage industry self-regulatory efforts.
Sachin Adarkar, general counsel for Prosper Funding, the, nation’s second largest online lender, said the most common reasons consumers borrow from his firm is to refinance existing unsecured debt, such as credit card debt, at lower interest rates and on more affordable terms.