Seeking competitive advantage?
June 10, 2010 | alternatives, federal legislation, industry | Comments (0)From The Hill:
Prosper Marketplace, an online company that arranges loans directly between borrowers and lenders, is lobbying hard for Congress to put a new consumer financial protection regulator in charge of its industry.
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As part of the Wall Street overhaul package in Congress, Prosper is lobbying for a provision that would place the new consumer regulator over the industry. The company is waging a vocal battle against the Securities and Exchange Commission (SEC), which found in 2008 the firm was trading in securities and needed to comply with securities law.
Prosper, which has spent $330,000 lobbying in the last year with the Podesta Group, won its case in the House last December. But the Senate did not include a similar measure when it passed its version of the bill in May.
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