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In the weeks leading up to the resignation of LendingClub's chief executive officer, investment bank Jefferies Group asked the company to bolster its disclosures to borrowers, people with knowledge of the matter said.
May 10 -
Industry representatives swiftly rejected the Treasury Department's assertion that new legislation is needed to protect small-business owners.
May 10 -
If alternative small-business lenders don't get engaged in the regulatory dialogue, they risk letting a few bad apples determine their fate.
May 10
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Wells Fargo is starting a program to offer small businesses online loans in as soon as one day, targeting territory occupied by On Deck and LendingClub.
May 10 -
The Treasury Department on Tuesday capped off a nearly yearlong inquiry into the burgeoning marketplace lending industry with a policy paper that recommends increased transparency and customer protections while also highlighting the sector's potential for expanding credit access.
May 10 -
It is imperative for regulators and lawmakers to approach the online small business loan market with care and an understanding of how these lenders expand access to credit.
May 10
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State officials in California have asked top online lending firms a series of probing questions regarding their compliance with laws and regulations dealing with referral fees, bank partnerships, fair lending and other sensitive issues.
May 9 -
We should all understand now that pure gain-on-sale marketplace lending businesses, like LendingClub, are inherently unstable.
May 9
Columbia University -
The abrupt resignation of the firm's founder and CEO, under a cloud, seems likely to fan investors' growing fears about the marketplace lending sector. It could also hasten regulatory scrutiny.
May 9 -
Boston Private Financial Holdings is expanding its footprint in California, opening a new office in Los Angeles on June 1. The company will have 35 offices nationwide, including 14 on the West Coast.
May 9
