Comments on: TechCrunch reports on Lending Club http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/ Starting the conversation about P2P Lending in Canada Tue, 02 Mar 2010 09:28:42 +0000 http://wordpress.com/ hourly 1 By: Colin http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-62 Colin Sat, 12 Apr 2008 20:28:04 +0000 http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-62 @Dave .. excellent points, and understanding risk is crucial. Degree of government regulation is always a touchy subject, and its natural to vote for less rather than more. I would also think that Canadians like to expect a certain baseline of consistency of risk definition, so that they can properly understand and believe what they are reading prior to making their own risk assessment. Regulation aside, we are moving mountains at CommunityLend to ensure the information presented is valid, validated and representative of the decision making lenders will expect. Colin @Dave .. excellent points, and understanding risk is crucial. Degree of government regulation is always a touchy subject, and its natural to vote for less rather than more. I would also think that Canadians like to expect a certain baseline of consistency of risk definition, so that they can properly understand and believe what they are reading prior to making their own risk assessment.
Regulation aside, we are moving mountains at CommunityLend to ensure the information presented is valid, validated and representative of the decision making lenders will expect.
Colin

]]> By: Dave http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-59 Dave Fri, 11 Apr 2008 23:27:55 +0000 http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-59 The idea that 'government regulation' should be the default/norm is dangerous. IOU Central, which by all accounts is attempting to run a legitimate business, has been shutdown because the government doesn't know their own position on social lending? The purpose of 'regulation' should not be to needlessly limit innovation, but unfortunately that's exactly what's happening in Canada right now. Don't "social lenders" always understand what they're getting into, by their nature? You get higher interest, with higher risk. It's easy to understand, if you're the sort of person who would be involved in social lending in the first place. Who is the government protecting with these regulations? Keep up the good fight, CommunityLend. Dave. The idea that ‘government regulation’ should be the default/norm is dangerous. IOU Central, which by all accounts is attempting to run a legitimate business, has been shutdown because the government doesn’t know their own position on social lending? The purpose of ‘regulation’ should not be to needlessly limit innovation, but unfortunately that’s exactly what’s happening in Canada right now.

Don’t “social lenders” always understand what they’re getting into, by their nature? You get higher interest, with higher risk. It’s easy to understand, if you’re the sort of person who would be involved in social lending in the first place. Who is the government protecting with these regulations?

Keep up the good fight, CommunityLend.

Dave.

]]> By: Colin http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-52 Colin Wed, 09 Apr 2008 20:27:25 +0000 http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-52 @Alan .... disruption produces interesting times. p2p lending introduces many new characteristics that were never anticipated when the original regulations were drawn up, long before internet. Once the smoke settles, I am sure all will become clear. @Alan …. disruption produces interesting times. p2p lending introduces many new characteristics that were never anticipated when the original regulations were drawn up, long before internet. Once the smoke settles, I am sure all will become clear.

]]> By: Alan Browne http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-51 Alan Browne Wed, 09 Apr 2008 20:15:15 +0000 http://blog.communitylend.com/2008/04/09/techcrunch-reports-on-lending-club/#comment-51 9 months to get regulatory issues in place? It sounds like the regulators are dragging their heels in typical bureaucratic fashion. No guts. 9 months to get regulatory issues in place? It sounds like the regulators are dragging their heels in typical bureaucratic fashion. No guts.

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