The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press release. Source
Peter Renton, the Founder of Lend Academy opened his first LendingClub account in mid-2009. I opened my first LendingClub account...
Penny Crosman takes a deep dive into the big news story of the week with analysis of the pending LendingClub...
In this post we share the process of opening up a new LendingClub account, the first in a new series we will be sharing over the coming quarters. Source
The former Treasury Secretary is being replaced by Stanford Economics Professor Susan Athley. Source
GreenSky’s IPO could price as soon as Wednesday and may pave the way for other fintech IPOs going forward; the...
Both Marlette and LendingClub now have their own securitization platforms which has broadened their investor base; Sid Jajodia, chief investment officer at LendingClub spoke at the Structured Finance Industry Group’s conference in Las Vegas this week and discussed the importance of brining LendingClub’s loans in-house; he also spoke about their new whole-loan structured product announced in December as well as changes that might make sense for the company in the future; Karan Mehta, head of capital markets for Marlette discussed changes they are making to their whole-loan program. Source
A recent post on the Lend Academy Forum spurred a discussion about the potential future of LendingClub, particularly as it...
Lend Academy looks at the shift of returns and interest rates at LendingClub; the company recently brought F & G loans in house and there is a noticeable shift in loan grades offered by the platform. Source
Lending Club has closed five of its investment funds under LC Advisors; the loans have been sold off to various buyers and the company has rebranded its investment management business to LendingClub Asset Management. Source