Lending Club

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.

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.

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.

Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.

The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.

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.

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.

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.

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.

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.

The prime consumer loans backing the $330M CLUB Credit Trust 2017-P2 transaction include a greater percentage of higher-FICO borrowers.

The British banking giant has been testing its new online lending platform with a handful of its U.S. customers and plans to roll it out in full force next year. It's all part of a broader effort to expand its U.S. consumer business beyond credit cards.

Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.

For the first time, the marketplace lender is using its own balance sheet: It's contributing 27.66% of the collateral. The rest comes from three third-party investors.

The online consumer lender reported a net loss of $25.4 million, bringing its red ink in the five most recent quarterly reports to more than $200 million.

Sponsoring securitizations of the loans funded on its platform will give LendingClub more control over its reputation in the market and make it less beholden to direct loan buyers.