Securities offered by the U.S. peer-to-peer lenders are registered with and regulated by the SEC. A recent report by the U.S. Government Accountability Office explored the potential for additional regulatory oversight by Consumer Financial Protection Bureau or the Federal Deposit Insurance Corporation, though neither organization has proposed direct oversight of peer-to-peer lending at this time. In 2016, New York state sent "warning letters" threatening to require 28 peer-to-peer lenders to obtain a license to operate unless they "immediately" complied with responses to demands to disclose their lending practices and products available in the state.