PR Newswire
SAN FRANCISCO, April 25, 2018
SAN FRANCISCO, April 25, 2018 /PRNewswire/ -- Following an inquiry that began in May 2016, the U.S. Federal Trade Commission (FTC) brought an action against LendingClub (NYSE: LC) earlier today in the Northern District of California alleging that certain LendingClub practices do not, or in the past did not, comply with the requirements of the FTC and Gramm-Leach-Bliley Acts.
LendingClub is committed to delivering a superior customer experience, and appreciates and supports the important role the FTC plays in encouraging appropriate standards and best practices. However, LendingClub believes that the allegations in the FTC's complaint are legally and factually unwarranted. The company is disappointed that it was not possible to resolve this matter constructively with the agency's current leadership and intends to oppose the claims and work towards an early resolution of the matter in Federal Court. Additional information about the complaint and LendingClub's response are on its blog.
LendingClub has helped more than two million borrowers improve their financial lives since its foundation more than a decade ago. The company makes credit more affordable and accessible by facilitating fixed-rate personal loans that offer significantly lower interest rates and fees than are available through traditional sources of unsecured credit.
The company provides consumers with exceptional value and service. For example,
The company has always been committed to transparency by:
The FTC's allegations cannot be reconciled with this longstanding record of consumer satisfaction. For a detailed look at LendingClub's disclosures and policies, please visit LendingClub's blog.
About LendingClub
LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub's online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies and passes those savings onto borrowers in the form of lower rates and to investors in the form of solid returns. LendingClub is based in San Francisco, California. Currently, residents of the following states may invest in LendingClub notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY. All loans are made by federally regulated issuing bank partners. More information is available at https://www.lendingclub.com.
1 |
See LendingClub Investor Day Presentation (December 7, 2017) at 15. |
View original content with multimedia:http://www.prnewswire.com/news-releases/lendingclub-responds-to-federal-trade-commission-complaint-300636536.html
SOURCE LendingClub
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member