Until very recently, marketplace lending was described as disruptive to the established financial services industry. With the investment boom in 2015 and a number of established banks entering the online lending space, marketplace lending has officially gone mainstream. As the sector grows, so do calls for regulation and transparency. 

Bloomberg reports, “The Securities and Exchange Commission, Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are among agencies studying the online lending industry, including around whether companies should retain a stake in the loans they make.” 

In addition, the Treasury Department remarked in its whitepaper on online marketplace lending, “While data-driven algorithms may expedite credit assessments and reduce costs, they also carry the risk of disparate impact in credit outcomes and the potential for fair lending violations.” 

Bloomberg BNA and Grais & Ellsworth LLP present an executive briefing on securitization and regulatory considerations for marketplace lending investors, and how marketplace lenders can adapt to meet market demands for clarity in lending practices.




Registration for this event is now closed.

In Partnership With:

Grais & Ellsworth logo

Date & Time

Thursday, October 6, 2016
8:00 am - 10:00 am

Bloomberg LP
120 Park Avenue
New York, NY

Continuing Education
Earn up to 2.0 CLE credits (may vary based on jurisdiction requested).



8:00 AM      Registration and Networking Breakfast

8:25 AM      Welcome Remarks

  • Seth Stern, Deputy News Director, Bloomberg BNA
  • Ross Wallin, Partner, Grais & Ellsworth LLP

8:30 AM      Financing Marketplace Lenders

Marketplace lenders need sources of funding to fuel growth. The use of technology and the internet have given those lenders an unprecedented ability to raise money by selling interests in their loans directly to investors. In addition to connecting directly with investors, securitization is a more traditional way to bring in infusions of outside capital. How can marketplace lenders surmount the legal impediments to securitization, avoid the mistakes widely made before the financial crisis, and make securitization an attractive option for investors and aggregators? 


  • Ram Ahluwalia, CEO, PeerIQ 
  • Owen Cyrulnik, Partner, Grais & Ellsworth LLP
  • Morgan Edwards, CFO, CommonBond
  • Moderator: Rob Tricchinelli, Legal Editor, Bloomberg BNA

9:15 AM     Preparing for Consumer Protection Compliance
Government agencies, including the SEC, OCC and CFPB, have recently escalated their focus on regulation of marketplace lending. Lenders are facing greater scrutiny, particularly around the methods lenders use to determine borrowers’ ability to repay and potentially discriminatory lending practices. The FTC has also raised concerns regarding the collection and use of confidential information about consumers in the origination of marketplace loans. How can the industry implement current best practices and self-regulation on consumer protection to align with this new focus from government regulators?


  • Claudia Callaway, Partner, Katten Muchin Rosenman LLP
  • Richard H. Neiman, Head of Regulatory and Government Affairs, Lending Club and Board of Directors, Marketplace Lending Association
  • Barak J. Sanford, Managing Director, Promontory Financial Group
  • Scott Talbott , Senior Vice President of Government Affairs, Electronic Transactions Association
  • Moderator: Seth Stern, Deputy News Director, Bloomberg BNA

10:00 AM    Closing Remarks


  • Ram-Ahluwalia_177x177
    Ram Ahluwalia, CEO, PeerIQ

    Ram is the CEO and Co-Founder of PeerIQ. Previously, Ram was the CIO of Winged Foot Capital, an investment advisor responsible for managing alternatives investments in structured credit including ABS, RMBS, CLO, and TARP debt. Previously, he was a Senior Vice President at Bank of America-Merrill Lynch and member of the Cards & Deposits executive management team responsible for investment decisioning a $120B credit portfolio. Prior to this role, Ram was a Vice President at the Merrill Lynch Global Bank Group. He received a BA in Economics-Philosophy from Columbia University and is a CFA charterholder.

  • Owen-Cyrulnik_177x177
    Owen Cyrulnik, Partner, Grais & Ellsworth LLP

    Owen Cyrulnik represents clients in a broad range of complex securities litigation in federal and state courts around the United States. Mr. Cyrulnik currently represents the Federal Home Loan Bank of San Francisco and The Charles Schwab Corporation in their litigation against securities dealers to rescind the purchase of certificates backed by residential mortgage loans. He also advises certificate holders in mortgage-backed securitizations and CDOs in disputes against the originators and servicers of the loans in those trusts. Mr. Cyrulnik was named “Litigator of the Week” by The American Lawyer for his work in removing the proceedings involving Bank of America’s $8.5 billion settlement with mortgage-backed securities investors to federal court. Previously, Mr. Cyrulnik represented one of the world’s largest media companies in a multi-billion dollar securities class action and dozens of related suits in the wake of one of the largest mergers in history; a major investment bank in multi-faceted litigation arising out of the fall of Enron; and a medical device company claiming patent infringement in an arbitration before the World Intellectual Property Organization.

  • Richard-Neiman_177x177
    Richard H. Neiman, Head of Regulatory and Government Affairs, Lending Club and Board of Directors, Marketplace Lending Association

    Richard has over 30 years experience in the financial industry spanning the business and regulatory sides. Previously, he was Vice Chairman of the Global Financial Services Regulatory Practice at PricewaterhouseCoopers LLP, and he has held senior positions with Citibank and TD Waterhouse (now TD Ameritrade). On the regulatory side, Richard served as the Superintendent of Banks for the State of New York from 2007 to 2011. Richard was also appointed by the Congress to serve on the five-member Congressional Oversight Panel for TARP from 2008-2011. Richard began his career with the Office of the Comptroller of the Currency in Washington, DC where he served as Special Assistant to the Chief Counsel. Richard serves as an advisor to the Washington, DC-based Bipartisan Policy Center’s Financial Regulatory Reform Initiative. He is also on the advisory council of the Institute for Financial Market Regulation and on the advisory board of Columbia Business School’s Chinese Business Initiative. Richard received his bachelor's degree from American University School of Government and his JD from Emory University School of Law.

  • Seth-Stern_177x177
    Seth Stern, Deputy News Director, Bloomberg BNA

    Seth Stern is a Deputy News Director at Bloomberg BNA, where he oversees financial news coverage. He was previously a reporter at Bloomberg News, Congressional Quarterly and The Christian Science Monitor and co-authored a biography of US Supreme Court Justice William J. Brennan Jr. He is a graduate of Cornell University, the Harvard Kennedy School and Harvard Law School.

  • rob-tricchinelli_177x177
    Rob Tricchinelli, Legal Editor, Bloomberg BNA

    Rob Tricchinelli covers the SEC for Bloomberg BNA. He has a JD from Cornell Law School and a Master’s in Journalism from the University of Maryland College Park. He received his Bachelor’s in Information Technology from Rensselaer Polytechnic Institute, where he still occasionally does live broadcasts of hockey games on the radio.

  • claudia-callaway_177x177
    Claudia Callaway, Partner, Katten Muchin Rosenman LLP

    Claudia Callaway is Chair of Katten's Consumer Finance Litigation practice, Co-Chair of the Class Action and Multidistrict Litigation practice, and leads the firm's newly formed Platform Lending Initiative. In these roles, she focuses her practice on defending clients against state and federal class actions regarding consumer protection and consumer finance laws, representing clients before the Consumer Financial Protection Board (CFPB), the Federal Trade Commission (FTC) and state banking agencies, and assisting clients in adhering to the dynamic landscape of platform and peer-to-peer (P2P) lending.

  • morgan-edwards_177x177
    Morgan Edwards, CFO, CommonBond

    Morgan Edwards, Chief Financial Officer at CommonBond, brings more than 25 years of experience across financial services. Prior to CommonBond, Morgan spent seven years as a Managing Director at Macquarie Capital, playing a key role in the firm's rise to becoming a leader in leveraged loan debt underwritings. He served as Head of Leveraged Finance for the Telecom, Media and Technology sectors and was also Head of Middle Market Lending for all sectors, including financial technology. Morgan was responsible for the origination, structuring, underwriting and distribution of deals. Prior to Macquarie, Morgan spent nearly 20 years at Morgan Stanley and other bulge bracket firms in debt capital markets, credit and portfolio management as well as distribution roles. Over the course of his career, Morgan has structured, underwritten or sold hundreds of transactions totaling more than $50 billion. Morgan earned a BA in Economics from Brigham Young University and an MBA from BYU's Marriott School of Business. He was a former board member of the Loan Syndications and Trading Association and presently sits on the National Advisory Council for BYU's Marriott School.

  • Barak-Sanford_177x177
    Barak J. Sanford, Managing Director, Promontory Financial Group

    B.J. specializes in the interaction of financial regulation with business strategy and industry innovation. He helps financial services firms understand and respond to changes in their regulatory environment, and assists them with regulatory applications, business plans, and gap remediation in connection with strategic initiatives. In addition to advising traditional banking organizations, B.J. regularly works with non-traditional and innovative financial services companies, including those straddling the boundary between bank and non-bank.

  • Scott-Talbott_177x177
    Scott Talbott, Senior Vice President of Government Affairs, Electronic Transactions Association

    Scott Talbott is Senior Vice President of Government Affairs at the Electronic Transactions Association (ETA) in Washington, D.C. and is responsible for its governmental strategies, and directing ETA’s interactions with Congress, the administration, and all fifty states. Talbott has more than twenty years of experience advocating for the financial services industry.  He has received numerous accolades in his tenure, including being named a top lobbyist by The Hill in from 2009 to 2015 as well as a “winner” for his work during the economic collapse of 2008 by Washingtonian magazine. In 2010, he appeared in the Oscar-winning film “Inside Job.” Once named NPR’s favorite bank lobbyist, he is a frequent contributor to both national and international media. Talbott received his B.A. from Georgetown University, cum laude, and his J.D. from George Mason University School of Law.

  • ross-wallin_177x177
    Ross Wallin, Partner, Grais & Ellsworth LLP

    Ross Wallin specializes in complex financial litigation. He has represented both plaintiffs and defendants in some of the most high-profile securities cases in the country. Mr. Wallin also has extensive experience in antitrust litigation and M&A litigation. He currently represents the Federal Home Loan Bank of Seattle in connection with multi-billion dollar claims against 11 leading Wall Street banks arising from the purchase of residential mortgage-backed securities. He also represents a class that is asserting ERISA claims against many of those same banks based on manipulation of the foreign exchange markets. In antitrust, Mr. Wallin currently represents a class of outpatients and health plans that paid monopoly overcharges for routine diagnostic testing. He has also represented a major health insurer in connection with a multi-year investigation by various regulators into alleged bid rigging in the insurance markets. Mr. Wallin also advises clients on issues related to investments in fintech, including marketplace lending, and has spoken on the subject at industry conferences. 


CLE Credit(s): Up to 2.0 CLE credits (may vary based on jurisdiction requested).

Bloomberg BNA is registered with the National Association of the State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses. Complaints regarding registered sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.



Bloomberg LP
120 Park Avenue

New York, NY


Grais & Ellsworth logo

Grais & Ellsworth practices a client-centric style of litigation: streamlined, leanly staffed, as speedy as the court will permit, and without the disabling conflicts that prevent large firms from pursuing claims against banks, securities dealers, and other sell-side firms in the financial markets. 

The firm represents investors and businesses in a broad range of thorny financial and commercial disputes. For the past six years, Grais & Ellsworth has been at the forefront of structured finance litigation, recovering several billion dollars for investors. The firm also has advised hedge funds and large asset managers on litigation strategies to address underperforming securities. More recently, it has pursued class action ERISA and antitrust cases related to the foreign exchange and health-care markets. Grais & Ellsworth is also advising investors on issues raised by new and maturing financial products and services, such as marketplace lending.
The lawyers at Grais & Ellsworth, who were trained at and recruited from the top New York law firms, have decades of experience representing both plaintiffs and defendants in a broad range of matters, among them securities (including derivatives, structured debt, and other complex instruments), insurance and reinsurance, antitrust, breaches of fiduciary duty, mergers and acquisitions, corporate governance, and business torts. The firm maintains alliances with other law firms, consulting firms, and providers of state-of-the-art litigation support technology that enable it to handle cases of nearly any size and complexity. Grais & Ellsworth also has established relationships with prominent litigation funding firms and can advise clients in creative approaches to funding a litigation.

Leading law firms (including in particular many adversaries) regularly refer to Grais & Ellsworth clients whose matters they cannot take on because of conflicts. This recognition by peers is a strong endorsement of the work of Grais & Ellsworth, and the firm acquits the trust these referring lawyers put in it by serving the clients they refer attentively and aggressively.