LendingClub Settles Lawsuit with Regulator

The settlement totaled $2 million with a Massachusetts banking regulator stemming from claims of making unlicensed loans; LendingClub made over 46,000 loans in the state since 2011 after surrendering their small loan company license; according to a LendingClub spokesperson, “We worked cooperatively with the State of Massachusetts to resolve a licensing dispute. Resolving this is another step in putting the legacy issues behind us and moving forward to concentrate on building the business. There will be no disruption to any operations as a result of this resolution, and we look forward to continuing to provide attractive financing opportunities to residents, patients and students in the State of Massachusetts.” Source

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