Marketplace Lending News Roundup – May 14, 2016

News

During the week I share the latest marketplace lending news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

LendingClub CEO Fired Over Faulty Loans from the Wall Street Journal – Coverage at the Wall Street Journal on the big Lending Club news earlier this week.

Online lenders reel at Laplanche departure from Financial Times – Perspective from both here and the UK in the Financial Times on the Lending Club news.

LendingClub board lost trust in CEO amid probe: Sources from CNBC – One of the best articles of the first day of the news by Ari Levy. Clear and to the point.

There are bigger questions for Lending Club to answer from Financial Times – In the Financial Times reporter Kadhim Shubber does some interesting digging into the Lending Club debacle.

Wells Fargo to Launch Faster Loan to Fight Online Rivals from the Wall Street Journal – Wells Fargo has decided to launch their own online small business lending platform.

LendingClub founder’s abrupt departure tarnishes emerging industry from CNBC – Another great piece by Ari Levy on CNBC including some Lending Club history and comments from industry leaders.

Goldman, Jefferies Put LendingClub Deals on Hold from the Wall Street Journal – Not surprisingly the Lending Club securitization deal that was coming with Goldman and Jefferies is on hold.

LendIt Issues Statement on Departure of Lending Club CEO from Business Wire – Here is the official response from LendIt on the whole Lending Club debacle.

Shedding Tears from FinTech Junkie – FinTech Junkie shares his perspective on this week’s events and relates it to his own story from two decades ago.

LendingClub’s Options: More Buybacks, Even a Deal? from Bloomberg – If a bank is interested in buying Lending Club now would be a good time. Gillian Tan explores the options.

Community Bank Group Suspends LendingClub Purchases from the Wall Street Journal – In an unsurprising move BancAlliance temporarily suspends Lending Club purchases.

The storm is here: This is what you should expect to happen to P2P following the Lending Club catastrophe from City A.M.  – Cormac Leech is quoted saying the Lending Club fiasco “will actually improve the sector”.

Treasury Issues White Paper on Marketplace Lending from Manatt – The attorneys at Manatt, Phelps & Phillips, LLP provide their perspective on the Treasury white paper released this week.

Wells Fargo (WFC) Launches FastFlex to Offer Online Lending from Yahoo Finance – Wells Fargo have announced their own online lending platform for small businesses launching soon.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

LendingClub stock Plunges After CEO Quits, Firm Finds Loan-Sale Abuse – The forum digests the news coming out of Lending Club this week.

Will LC file for bankruptcy? – There is plenty of speculation of what could happen to Lending Club. This one on the extreme side of things.

How does recent LC news affect your investment strategy? – More perspectives from the forum on the Lending Club news.

LC’s Q1 2016 earnings – A forum member analyzes origination growth at Lending Club and Prosper.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.