SoFi Statement: Treasury's Inquiry into Marketplace Lenders
Today, the Treasury announced a public inquiry into marketplace lenders. As the nation’s second largest marketplace lender, we welcome the Treasury’s inquiry. At SoFi, fairness and transparency are critical factors in our partnership with our borrowers, and we strive to have an equally strong partnership with the Treasury. To that end, we’ve been forthcoming with the Treasury and have enjoyed regular, positive communications and meetings with officials for the past several years.
We appreciate the Treasury’s interest in areas of importance to SoFi and the marketplace lending industry — from SoFi’s differentiated business model (given that we originate our own loans) to the market’s overall growth potential. In fact, members of our executive team just recently met with Treasury officials and the National Economic Council at the White House Office to discuss many of these topics. We recently surpassed $3 billion in funded loans. As we grow, we look forward to continuing these conversations and creating opportunities to bring the benefits of marketplace lending to a greater number of members throughout the US.