Tagged: lendingclub

CFPB Slams Traditional Banks for Reliance on Overdraft Fees

The Consumer Financial Protection Bureau (CFPB) is out with a note that hammers traditional banks and their reliance on overdraft fees. Frequently the target of neobanks and other Fintechs, the overdraft fee has been criticized as the $30 cup of coffee when someone inadvertently makes… Read More

LendingClub Says Auto Lending Now Covers 94% of US Population

LendingClub (NYSE:LC) says its auto lending vertical, launched in 2016, now covers 94% of the US population. LendingClub was initially launched as a peer-to-peer consumer lender. Over time, it has morphed from a marketplace lending platform to a fully chartered digital bank. Adding new verticals… Read More

Responsible Business Lending Coalition Voices Support for Small Business Lending Disclosure Act of 2021

The Responsible Business Lending Coalition (RBLC), a group that includes online lenders LendingClub (NYSE:LC) and Funding Circle, has issued a statement in support of legislation introduced in both the US House and Senate. The Small Business Lending Disclosure Act of 2021, is described as establishing “common-sense… Read More

Following Gangbuster Quarter, Shares in Digital Bank LendingClub Move Dramatically Higher

LendingClub (NYSE:LC) reported solid quarterly results yesterday that solidly beat earnings estimates. Earnings per share (EPS) came in $0.26 when estimates were expecting less than half of that. Following the news, shares rallied significantly higher and in pre-market trading, LendingClub shares are currently trading up… Read More

LendingClub Reports Net Income of $27.2 Million, Tops Estimates, Raises Guidance

LendingClub (NYSE:LC) has easily topped analyst estimates reporting net income of $27.2 million or an EPS of $0.26. Top line revenue came in at $246.2 million with total sequential revenue growth of 20% outpacing origination growth of 14%, according to the digital bank. Shares in… Read More

LendingClub Hits Another 52 Week High

It is not just Bitcoin that is hitting new highs. LendingClub (NYSE:LC), once a marketplace lending platform and now a nationally chartered bank, has hit another 52 week high. While Bitcoin is up about 4.28% for the day, LendingClub is doing better showing an increase… Read More

Shares in Digital Bank LendingClub Top 52 Week High

LendingClub (NYSE:LC), a digital bank and online lending platform, has seen its shares print a new 52 week high as markets rally. LendingClub’s shares once trolled the cellar of value trading under $5. Today, the once-moribund equity, has been reanimated and is now trading at… Read More

LendingClub Simplifies Institutional Access to Consumer Loans via its Electronic Trading Platform

LendingClub (NYSE:LC), a digital bank and online lender, has improved its trading system for personal loans. According to a statement from the company it has extended the capabilities of its electronic trading platform named LCX to include LCX Link. This is designed to open access… Read More

Self-Directed IRA Platform Alto Now Working with Bitwise, Grayscale, SkyBridge Capital, Appoints Amin Dabit as COO

Alto recently named Amin Dabit as their Chief Operating Officer Dabit has joined the next-gen alternative investment IRA custodian amid “significant growth” according to an update and detailed discussion with Crowdfund Insider on Thursday (August 19, 2021). Alto Solutions, Inc. (Alto), the next-gen self-directed IRA… Read More

LendingClub Financial Health Officer Anuk Nayar Reports that No US Region Is Immune to Falling into Paycheck-to-Paycheck Cycle

LendingClub Corporation (NYSE: LC), the parent firm of LendingClub Bank, the leading digital marketplace bank in the US, has shared key findings from its second Reality Check: Paycheck-To-Paycheck research series. The first report revealed that most US residents (54%) are living paycheck-to-paycheck; this second August… Read More

Boom. LendingClub Reports Strong Results, Boosts Guidance, Shares Rise Dramatically [u]

LendingClub (NYSE:LC), a Fintech that started as a peer-to-peer lender and now operating as a digital bank, has posted strong 2nd quarter results that easily topped expectations. LendingClub finally turned the corner on profitability shredding guidance that had expected a loss. Shares moved considerably higher… Read More

LendingClub Settles with the Federal Trade Commission, Expected to Pay $18 Million Penalty

In the days before Q2 earnings, LendingClub (NYSE:LC) has settled its case with the Federal Trade Commission (FTC), subject to court approval. According to a release distributed by LendingClub, the settlement requires LendingClub to make an $18 million payment for consumer remediation, an amount already… Read More

LendingClub Kicks Off Brand Transition Away from Radius to LendingClub Bank

LendingClub (NYSE:LC), once the largest marketplace lender in the US and now an emerging digital bank, is transitioning away from the Radius Bank brand. As was previously reported, LendingClub acquired federally chartered Radius Bank with the deal closing around the beginning of this year. The… Read More

LendingClub Shuffles Executives as it Focuses on Digital Bank Mission

LendingClub Corporation (NYSE: LC) has announced several executive changes as it focuses on its mission to emerge as a top digital banking operation. In a public statement, LendingClub said it has promoted Ronnie Momen to serve as its first Chief Consumer Banking Officer and hired… Read More

Alto Solutions to Provide IRA Platform for LendingClub Investors

Alto Solutions, a self-directed IRA platform, reports that it has been selected by LendingClub (NYSE: LC) as the new preferred IRA custodian for LendingClub IRA account holders. The news follows an announcement last month that Alto had raised $17 million in a Series A funding… Read More

LendingClub Reports Q1 Net Loss of $41 Million, Looks to Move Forward as Digital Bank with Radius Acquisition

LendingClub Corporation (NYSE: LC), has announced Q1 2021 earnings delivering a net loss of $41 million for the quarter. Loan originations were $1,483.2 billion for the quarter. In Q1 2020 that number was $2,521 billion. Loan originations in Q4 of 2020 were $912.0 million. LendingClub… Read More

LendingClub Bank Supports Paycheck Protection Program Loans

Last month, the US Paycheck Protection Program (PPP) was extended to aid small businesses impacted by the ongoing COVID-19 health crisis. With the program extending, LendingClub Bank says it will support SMEs with access to more PPP loans through its predecessor in interest Radius Bank…. Read More

LendingClub Shares May Be Surging Due to Institutional Interest

The shares of LendingClub (NYSE: LC), an online lender and nascent digital bank, have been surging recently. Last week, LendingClub reported an adjusted net loss of $(22.1) million in the fourth quarter, compared to an adjusted net income of $7.0 million the same quarter last… Read More

BlueVine Appoints Former LendingClub President Steve Allocca as First Chief Operating Officer

BlueVine, an online lender and fintech bank, announced on Wednesday it has appointed Steve Allocca as its first-ever Chief Operating Officer. BlueVine reported that in his new role, Allocca will generate strong operational efficiency across the organization and drive growth across all products. According to BlueVine,… Read More

As Fintech Industry Matures, the Need for Policy Advocacy Grows: OLPI and MPL Merge to Form American Fintech Council

Financial technology or Fintech has been growing at a rapid pace for years now. Starting with online capital formation, today a growing number of sophisticated financial services are going through a much-needed. digital transformation. This can mean better/cheaper access to services for more consumers and… Read More

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