Renaud Laplanche agreed to pay $200,000 and accept a ban from the securities industry to settle a long-running SEC probe. A LendingClub subsidiary and the firm's former CFO, Carrie Dolan, were also fined.
Delinquencies have held steady for a year, and observers are optimistic about upcoming third-quarter data. But the long-term question is whether solid underwriting can overcome higher vehicle prices and consumer debt burdens.
The LendingClub founder responded to being booted from his company by starting a new one with involvement from former investors — and a loan buyer he had supposedly wronged.
The 100 dismissals in asset management follow job cuts in other divisions; the agency cites the lack of protections against fraud and market manipulation.
Upgrade, a marketplace lender founded by Laplanche just a few months after he was ousted from LendingClub, has secured more than $100 million in equity capital and says it is poised to offer more consumer credit products.
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.
In recent weeks, several banks and fintechs have added new branches or new units, and in the process brought aboard new leadership. Here's a roundup of key hires.
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 online lender hires Ronnie Momen from GreenSky as its chief lending officer; aggregators back Capital One in dispute with Plaid; bank CEO who gave mortgage to Paul Manafort uses fire-and-hire maneuver to reap windfall at taxpayer expense; and more from this week's most-read stories.
