Funding Circle, Lending Club, Prosper Marketplace launch Marketplace Lending Association

The US non-profit membership organisation was created to promote business practices and sound public policy to benefit borrowers and investors.

To support the responsible growth of marketplace lending, the MLA has established the Marketplace Lending Operating Standards, a code of business conduct addressing transparency for investors, responsible lending, governance and controls, and risk management.

The MLA also plans to engage with policymakers and other stakeholders to inform sound policy development that supports the prudent growth of the marketplace lending industry, as it expands access to affordable credit.

The MLA is governed by a Board of Directors, which will initially consist of one Director nominated by each founding member. As more marketplace lending companies join the MLA, additional directors will be elected based on a vote of the full membership. The MLA intends to hire an executive director and staff as it continues to expand.