The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.
A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision.
Owners of firms that employ only themselves would prefer to use loans or lines of credit, but more often than not they resort to credit cards, according to a new Fed report. Is this a missed opportunity for banks?
Unlike online lenders, banks are focusing primarily on consumers with solid credit scores. But unsecured loans to prime borrowers have a limited track record, so it’s hard to predict how they’ll perform when the economy inevitably weakens.
The online lender will roll out its first new product in 12 years, a home equity line of credit. But it's taking a different approach than with its original offering.
The San Francisco company, which has racked up big losses over the last two and a half years, signaled Tuesday that it is on a path to profitability after resolving a series of longstanding regulatory problems.
The Department of Justice and the Securities and Exchange Commission announced settlements Friday related to alleged misconduct that occurred during Renaud Laplanche’s tenure atop the online lender.
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.