Comptroller sees “cracks” in MPL performance, urges Congress to clarify Madden
Acting Comptroller of the Currency Keith Noreika warned in a Monday speech of the rising delinquency rates for unsecured consumer loans originated by marketplace lenders, and called on Congress to take a stance on the Madden versus Midland case.
Comptroller Noreika acknowledged that rising delinquency rates and profitability issues are normal for a “maturing industry”, and noted that some lenders are still “stretching for profitability” despite an improvement in performance from last year.
Some online lenders have been dealing with the issue of rising charge-off rates, especially in
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