GAO STUDY OF PERSON TO PERSON LENDING.

SEC. 989F. GAO STUDY OF PERSON TO PERSON LENDING.(a) Study.—(1) In general.—The Comptroller General of the United States shall conduct a study of person to person lending to determine the optimal Federal regulatory structure.(2) Consultation.—In conducting the study required under paragraph (1), the Comptroller General shall consult with Federal banking agencies, the Commission, consumer groups, outside experts, and the person to person lending industry.(3) Content of study.—The study required under paragraph (1) shall include an examination of—(A) the regulatory structure as it exists on the date of enactment of this Act, as determined by the Commission, with particular attention to—(i) the application of the Securities Act of 1933 to person to person lending platforms;(ii) the posting of consumer loan information on the EDGAR database of the Commission; and(iii) the treatment of privately held person to person lending platforms as public companies;(B) the State and other Federal regulators responsible for the oversight and regulation of person to person lending markets;(C) any Federal, State, or local government or private studies of person to person lending completed or in progress on the date of enactment of this Act;(D) consumer privacy and data protections, minimum credit standards, anti-money laundering and risk management in the regulatory structure as it exists on the date of enactment of this Act, and whether additional or alternative safeguards are needed; and124 STAT. 1948(E) the uses of person to person lending.(b) Report.—(1) In general.—Not later than 1 year after the date of enactment of this Act, the Comptroller General shall submit a report on the study required under subsection (a) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.(2) Content of report.—The report required under paragraph (1) shall include alternative regulatory options, including—(A) the involvement of other Federal agencies; and(B) alternative approaches by the Commission and recommendations on whether the alternative approaches are effective.