They added they are interested in ensuring that fintech firms provide credit to small businesses and consumers in a way that prevents abusive practices while expanding economic opportunity.

Specifically, the senators asked the GAO to address the following questions in the report:

• Since many fintech companies are privately held, information about the size of their portfolios is often not transparent. Detail the current size and structure of fintech lending. Track the evolution and growth of online marketplace lenders since the 2011 report, including in both consumer and small business lending.
• The 2011 report noted that risks could grow as the investor base shifts from individual investors to institutional investors. Determine whether the risks identified in 2011 related to institutional investors has grown as anticipated.
• Report what changes, if any, have occurred in the oversight structure of fintech, including but not limited to marketplace lending, since the 2011 report. Update findings as it relates to the regulatory structure.
• Some fintech lenders have relationships with financial institutions, which are regulated by the federal and state financial regulators. Research how these relationships impact the broader financial system and regulatory framework.
• Determine the authority of federal agencies to supervise and examine companies offering consumer and online small business loans. Specifically, report how regulators account for risk and treat these assets on the balance sheets of financial institutions.
• Research requirements fintech companies must follow when offering loans or advances to small businesses and consumers. Determine if protections applicable to small business owners different from the protections applicable to consumer loans.
• Report the requirements for disclosing terms to small business owners and ensuring that they are presented transparent fees and interest rates.
• Report which anti-money laundering, data security and privacy requirements apply to fintech companies.
• Many fintech companies use non-traditional data to underwrite loans, such as social media information or search engine history. Identify what implications are produced from the use of non-traditional data. Determine the impact fintech might have on enforcement of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.  Report what obligations fintech companies have to comply with fair lending laws.
• Provide recommendations to modernize consumer protection laws in response to the growth of fintech.