Section 989F of The Dodd- Frank Wall Street Reform and Consumer Protection Act 2010 directed Government Accountability Office (“GAO”) to conduct a study of person-to-person lending. The report addresses: (i) how the major person-to-person lending platforms operate and how lenders and borrowers use them; (ii) the key benefits and risks to borrowers and lenders and the current system for overseeing these risks; and (iii) the advantages and disadvantages of the current and alternative regulatory approaches. The GAO identified two options, which offer both advantages and disadvantages, for regulating person-to-person lending – maintaining the status quo or consolidating borrower and lender protections under a single federal regulator. The report notes that the current system offers protections that are consistent with those for traditional borrowers and investors. Some industry observers suggested that protecting lenders through securities regulation under this system lacked flexibility and imposed inefficient burdens on firms. Further, under a consolidated regulatory approach, current protections for borrowers would likely continue and, depending on how implemented, lender protections could be expanded.