FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank and Boston University Center for Finance, Law & Policy (“CFLP”) today announced they will jointly host the first annual MPL Policy Summit, scheduled for September 13 in Washington DC. The Summit will bring together policymakers, academics, regulators, consumer advocates, and leading businesses, as well as media figures to have a well informed discussion about the best ways to grow this industry in a fair and compliant manner.
The MPL Policy Summit will provide insight on the current regulatory environment, share best practices and offer proposed guidance to strengthen the MPL industry’s regulatory framework. The MPL Policy Summit will stress the policy and regulatory issues facing the industry. A list of speakers, including industry experts and policy makers, will be posted on MPLSummit.org in the coming weeks.
“The MPL Summit will be the first open forum where industry participants can discuss the current regulatory environment, share best practices and propose guidance to enhance the industry’s overall framework,” said Gilles Gade, President and CEO of Cross River Bank. "This is a great opportunity to get industry participants, banking experts, and policy makers into the same room to collaborate on a substantive discussion about the current regulatory environment for marketplace lending and about what the future holds for the industry."
Cornelius Hurley, Director of Boston University CFLP said, "The Center seeks to improve the efficiency, accessibility, fairness, transparency, and stability of domestic and global financial system. We work toward that mission through high-quality research and events such as the MPL Summit that seek to engage policy makers, and relevant industry stakeholders."
The results of the Summit will be gathered, analyzed and disseminated to all industry stakeholders by the Online Lenders Policy Institute, an initiative dedicated to creating an open dialogue between MPL participants and policy makers. The Institute is an open, transparent and inclusive industry-driven effort that will convene stakeholders and facilitate industry consensus to develop and maintain a regulatory framework that protects consumers and promotes innovation.
Cross River Bank’s, Gade added, “The Institute began as a working group led by Cross River Bank and a dozen MPL companies that collaborated on a joint response to a U.S. Treasury Department RFI in September 2015. The Institute will seek to address the issues raised at the Summit in a concrete way, and open a constructive and effective dialogue between the industry agents and federal and state regulators.”
About The MPL Summit
The MPL Summit is a symposium that seeks to provide regulators and policymakers with consensus viewpoints on the regulatory frameworks as it applies to MPLs to protect consumers without hindering innovation. The MPL Summit includes participants from across the MPL industry, including: online lenders, banks, consumers, small businesses, servicers and regulatory agencies. For additional information visit mplsummit.org.
About Cross River Bank
Cross River is a New Jersey State Chartered FDIC-insured bank. Cross River has developed strategic partnerships with financial technology leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate web site: www.crossriverbank.com.
About the Center for Finance, Law & Policy (CFLP) at Boston University:
The Center for Finance, Law & Policy (CFLP) seeks to improve the efficiency, accessibility, fairness, transparency, and stability of domestic and global financial systems. The CFLP works toward that mission through high-quality research, issue-specific task forces, teaching, engagement with policy makers, and fostering collaborative initiatives among the University’s component schools and colleges.
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