FTC Files Complaint Against LendingClub

The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press releaseSource

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