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Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.
August 17
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The marketplace lender recorded an impairment charge tied to the acquisition of a specialty lending business and is still being hit with costs stemming from the scandal that toppled its previous CEO.
August 7
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The ratings agency cautions that marketplace lenders' efforts to tighten credit standards during a "solid" macroeconomic environment underscore the volatility their portfolios might face in a downturn.
May 30
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Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.
May 8
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The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
April 25
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As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.
April 12
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No reason was given for his exit by the Silicon Valley lender, which named another prominent economist, Susan Athey of Stanford, to its board of directors.
March 28
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As in prior transactions, the company itself contributed only a small portion (7.55%) of the collateral for CLUB 2018-NP1; but this time only three unaffiliated parties were invited to contribute the remainder.
March 13
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LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan sale programs that could further broaden their investor bases.
March 1
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David Nelms said that many digital lenders do not understand how to underwrite personal loans properly, and he took a dig at their lack of profitability. The upstarts say their industry's ability to attract capital speaks for itself.
January 25
