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Alternate Finance Association Membership
Technically these groups are an association: "an organization of people with a common purpose and having a formal structure." In reality, and by their own admission, they are more an association of "lobbyists": "...trying to influence legislation on behalf of a special interest." One thing they have in common is a very small number of members; anywhere from three to eight, although they are trying to attract new members.
Financial Innovation Now was formed to "lobby for policies important to the growing electronic payments sector." In their mission, it includes "... expanding the market for online commerce and lending and improving access for underserved populations." Members are involved in loans and leases, including Amazon, Apple, Google, Intuit, and PayPal. The executive Director of the coalition, Brian Peters, is also a staffer at tech lobbying powerhouse the Franklin Square Group.
Marketplace Lending Association (MLA) was launched by the CEOs of Funding Circle, Lending Club and Prosper. Reportedly between the three, about $20 billion has been loaned out, and analysts predict that, by 2020, the marketplace lending sector could represent assets totaling around $122 billion. The new association is aimed at promoting responsible business practices and “sound public policy.” The website states they are looking for members.
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