High threshold and high standard supervision
In 2008, the US Securities and Exchange Commission (SEC) required P2P companies to register their bids as securities and accept the supervision of Securities Law 1933. In other words, a P2P institution that lends money from an investor to a borrower is regarded as buying and selling securities. In North America, any securities sale requires a broker's license and registration with the US Securities and Exchange Commission. Registration with the Securities and Exchange Commission is a relatively complicated process. A large number of supporting documents and related expenses are needed. Among the requirements, the most crucial point is that P2P institutions must disclose the issuance in their regular reports, so that investors can know the operation of P2P institutions in time.
Market-oriented credit information system
Another important reason is the credit information system. After more than one hundred years' development, American credit information industry has formed a mature and complete operation mode, legal system and supervision mechanism, and built the most developed credit information industry in the world.
In addition, the United States adopts FICO scoring system to establish a unified quantitative standard for personal credit. FICO scoring system was invented by Fair Isaac. At present, the three major credit reporting agencies in the United States use FICO scoring system to quantify personal credit quality and risk. Peer-to-peer investors in the United States will choose their investment targets according to FICO credit scores. The higher the FICO score, the lower the risk and the lower the income, and the platform does not guarantee investment activities. The destination of the money is very transparent, and the project is true and reliable, which can be measured by a unified credit score.
The investment market environment is different
In addition to these important reasons, there is a different market environment. Under the highly regulated and perfect credit reporting system in the United States, if there are special circumstances such as financial crisis, serious overdue bad debts will go bankrupt. But there will be no large-scale thunderstorms like those in China.
Because their user base is not that wide. Fico FICO)20 16 released a research report showing that less than 1% of Americans use P2P loan products. There are more than 7,000 private banks in the United States, which can meet all kinds of borrowing needs. In addition, American investors can choose many investment channels, and the income is not bad. There is no need to pursue high-risk and high-yield P2P financial management.