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New technologies, strict employee training, cost control and a little psychology are some of the things small-business lenders have tried to counter falling demand and bargain shopping.
November 8 -
Our model must change to reduce embedded friction, whether in the form of fees or complicated processes. We must keep up with the simplicity, usability and transparency customers now demand.
July 23 -
Lending Club is backing Tritium Racing and its 73-foot offshore trimaran (now named after its sponsor) in the Transpacfic Yacht Race, which begins in July near Los Angeles and finishes in Honolulu. Its CEO, Renaud Laplanche, will be on the race crew.
June 25
Peer-to-peer online lender Lending Club has added a former Treasury Department official and a senior Google executive to its advisory board.
Michael Barr played a role in shaping the Dodd-Frank Act during his 2009-2010 tenure as the Treasury's assistant secretary for financial institutions, according to the Lending Club's press release Wednesday.
He has also served as a special advisor to President William Clinton, special assistant to Treasury Secretary Robert Rubin, and deputy assistant secretary of the Treasury. Barr is currently a law professor at the University of Michigan and a senior fellow at the Center for American Progress and the Brookings Institution.
"Lending Club's platform is very innovative and consumer friendly," Barr said in the release. "The platform offers borrowers a fixed interest rate and fully amortizing loans that help consumers pay down their debt each month."
Also joining the Lending Club advisory board is Jeff Huber, a Google executive who led the company's maps, payments and travel division from 2011 to 2013. Before joining Google in 2003, Huber was vice president of architecture and systems development at eBay.
Lending Club's high-profile advisory board includes former Superintendent of Banks for New York Richard Neiman and former MasterCard CEO Pete Hart.
