According to a new report by the Cleveland Fed online SMB lenders have a net satisfaction rate of 33 percent...
A recent report by the Cleveland Fed on online lending has caused quite the controversy over its content; the Marketplace Lending Association said the Fed should retract the report; even TransUnion, whose data the report relied upon, took issue with how they presented the material; “We have no understanding of how the Federal Reserve Bank of Cleveland could have used our data to reach the conclusions they did,” Ezra Becker, SVP at TransUnion, said to American Banker; the Fed stated the terminology used in the report has caused confusion but have yet to retract the report. Source.
After considerable outcry the Cleveland Fed has removed their study about online lending; “In light of the comments received, the authors are currently revising their paper to further clarify the data sample they used in the study,” Cleveland Fed spokesman Tim Dewald said in an email to American Banker; they plan to post a new version of the paper after completing significant revisions. Lend Academy also covered the removal of the report after posting about the release last week. Source.