Renaud Laplanche's journey from scandal to second act
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. ... Read full article
News Topic: Peer-to-peer lending
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Top LendingClub exec details plan forward
The online lender’s president, Steve Allocca, shares how the company weathered scandal and hints at future plans to grow its product set. ... Read full article
LendingClub's losses widen in 1Q despite strong loan growth
Legal costs and legacy issues related to previous management continue to weigh on the online lender's results. ... Read full article
Small businesses hit by disaster often struggle with credit, too
Banks may need to do more to help small businesses after a hurricane, flood or other calamity as those firms tend to favor nonbank lenders after an emergency for a number of reasons, according to research by four regional Federal Reserve banks. ... Read full article
CFPB plans big Wells fine; New CEO, same problems for Deutsche
A $1 billion penalty being bandied about; Deutsche’s problems may be too big to eradicate. ... Read full article
LendingClub settles with Mass. banking regulator for $2M
The state’s banking regulator said that the online consumer lender made over 46,000 small loans to Bay State consumers without a license. The company surrendered its license to the state regulator as part of a 2011 consent order. ... Read full article
Online lender Upstart is said to seek $100 million from investors
Even as many venture capitalists retreat from the online lending industry, Upstart Network is hoping to find investors still willing to bet on the business. ... Read full article
Fintech-friendly Cross River Bank partners with PeerIQ on loan data
Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders. ... Read full article
State regulators launch joint multistate licensing process for fintechs, MSBs
The move is mainly in response to fintech firms that have long argued that the main route to doing business is by getting a license in each state, which can be a cumbersome and repetitive process. ... Read full article
10 Big Ideas for Banking in 2018
How new developments on many fronts are going to affect the banking business in the coming year and beyond — and what they can do to prepare. ... Read full article
Can blockchain technology revive peer-to-peer lending?
The people-helping-people model proffered by LendingClub and others quickly foundered, but several startups aim to bring it back with the help of distributed ledger technology. ... Read full article
Consumer lending 2017: Bold bets and strategic exits
In a year of political upheaval and weak commercial credit growth, lenders sought to capitalize on an economic bright spot — consumer spending — by reviving the personal loan, allying with fintechs and exiting traditional business lines that no longer made ... Read full article
Banks would win big with tax reform; Online lenders thrive
The proposed 20% corporate tax rate would benefit banks more than other industries; online lenders made nearly a third of new personal loans in the first half. ... Read full article