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Online lenders should face tougher oversight, Treasury report says

( May 10, 2016, 16:36 GMT | Official Statement) -- MLex Summary: Online marketplace lenders should be subject to more oversight from federal regulators, according to a US Treasury Department paper published on Tuesday. Online banks need to be more transparent and develop public databases for tracking data on their loans, the report said. The emerging industry faces potential turmoil as the chief executive of the Lending Club, one of the biggest online marketplace lenders, resigned this week over violations of the firm's business practices.Statement follows in full. Also see document below....

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