Task Force Convenes to Investigate Terrorism Financing

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Capitol HillIt’s a hearing that the country probably wishes it didn’t have to have. But after it was discovered the San Bernardino terrorists had obtained a loan from an online lending marketplace, government officials and news media wondered if something could’ve been done to prevent it.

Today, members of the House Committee on Financial Services are convening the terrorism financing task force for a hearing titled, “Helping the Developing World Fight Terror Finance.”

“As terrorist financing and other illicit financial activity continues to pose risks to the international financial system, some have called for greater [anti-money laundering / combating the financing of terrorism] cooperation between, and among, national and international agencies,” reads a memo circulated in advance of the hearing.

Back in December, committee spokesman Jeff Emerson said that the task force was expected to look at whether any new regulations are needed after the San Bernardino shootings, according to the Los Angeles Times.

The Hill reported that when asked whether online lenders would get extra scrutiny, Committee Chairman Jeb Hensarling said, “Everything’s on the table.”

In the latest memo however, the words online, marketplace lending, Prosper and other related terms were not on the agenda, but that may be perhaps because the focus of this hearing is on the “developing world.”

The last time this task force was convened was a month ago on February 3rd, when they held a hearing titled, “Trading with the Enemy: Trade-Based Money Laundering is the Growth Industry in Terror Finance.” Online lending was not part of that agenda either.

It is uncertain if online lending will actually become a focus or be discussed by this task force in the future. At this point, it does not appear to be a pressing matter.

Last modified: March 1, 2016
Sean Murray

Category: Marketplace Lending

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