The regulators cited reports of OLPs (online lending platforms) engaging in harassment, intimidation, public shaming, and unlawful use of personal data in debt collection.
The Securities and Exchange Commission (SEC) is planning to lift the moratorium on the registration of new online lending platforms (OLPs), while introducing stricter regulatory requirements aimed at protecting borrowers and improving oversight of the digital lending industry.
The Securities and Exchange Commission (SEC) has ordered digital lending firm Digido Finance Corp. to permanently cease its financing operations, after finding that the company continued extending loans despite the revocation of its corporate registration and financing license last year.
The Securities and Exchange Commission (SEC) has ordered seven online lending operators to cease operations after they were found to be operating without proper registration.
The Securities and Exchange Commission (SEC) has intensified its campaign against erring online lending companies, filing criminal charges, issuing cease and desist orders, imposing hefty penalties, and revoking licenses in a string of enforcement actions throughout July.
The Securities and Exchange Commission (SEC) has cancelled the lending license of Copperstone Lending, which operates online lending platforms (OLPs) Quickla, Pococash, Blue Peso, Peso Forrest, Moca Moca, Pesobuffet, and Load Cash, for its unfair debt collection practices and its failure to disclose the true and correct terms of loan contracts with borrowers.
The Securities and Exchange Commission (SEC) has urged the public to be vigilant when it comes to online lending apps, saying it has has received harassment reports from netizens coming from these online “loan sharks.”
The SEC found SunCash Lending to have threatened borrowers with shaming on social media by publishing their names as scammers and warning the people in their contact lists that they are scammers, among others.
The removal of the online lending apps is in line with the previous discussions of the Securities and Exchange Commission (SEC) with tech giant Google.
The Securities and Exchange Commission (SEC) has filed a criminal complaint against four Chinese-controlled firms for operating unregistered online lending platforms (OLPs).
