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‘Good progress,’ but few details on how to strengthen global economy as G20 summit concludes

OTTAWA – Canada’s finance minister says he’s encouraged by “very positive feedback” from his Group of 20 peers to the Liberal government’s economic blueprint outlined throughout a two-day summit in Shanghai.

But while Bill Morneau said the gathering of industrialized nations – coming at any given time of growing concerns over the stability from the global economy – “made good progress” to help to bolster sustained growth, the particular text of the group’s communiqu offered few information on the agreement.

The G20 finance and central bank chiefs, however, maintained they were “dedicated to further enhancing the structural reform agenda” first decided to in 2014 – a goal that has been complicated through the global collapse in oil prices since mid-2015 and new concerns that a possible exit by Britain in the Eu would provide another shock towards the global economy.

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Peer-to-peer loan arranger Lending Loop, in talks with regulators, halts new loan requests

Lending Loop launched in October and offers U.S.-style peer-to-peer lending. The model allows anyone with $50 to pool their money in larger loans that are extended to small businesses.

Lending Loop, a Canadian fintech firm which was extending U.S.-style peer-to-peer crowdsourced loans to small businesses, has stopped posting new loan requests on its website although it meets regulators to make sure its model “complies with all applicable laws.” 

A notice to that effect was posted on the company’s website Tuesday. 

The halt in the posting of new applications through the marketplace lender was characterized as “voluntary and temporary” and “an act of good faith.”

The notice didn’t name the regulatory authorities Lending Loop is within discussions with, however the Ontario Securities Commission issued a public notice to all marketplace lenders last year, urging these to seek legal and regulatory advice to make sure their operations were complying with securities law or counting on appropriate exemptions.

Lending Loop launched in October and the founders were coy about how the firm was able to offer U.S.-style peer-to-peer lending. The model allows a person with $50 to pool their cash in larger loans which are extended to small businesses. 

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