Marketplace Lending News Roundup – May 21, 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.

Lending Club, a Story Stock That Skimped on the Details from The New York Times – I read Gretchen Morganson every week in the Sunday NY Times. This week her topic was Lending Club.

Some Major Media Outlets Still Don’t Get Peer Lending from LendingRobot – Emmanuel from LendingRobot points out the glaring inaccuracies in today’s NY Times article on Lending Club.

Inside the Final Days of LendingClub CEO Renaud Laplanche from The Wall Street Journal – A detailed account from the Wall Street Journal of the events leading up to Renaud Laplanche resigning at Lending Club.

LendingClub, the poster child of online lending, is in a life-threatening crisis — here’s what you need to know from Business Insider – More on the latest Lending Club news by Oscar Williams-Grut in Business Insider.

Lending Club Issues Statement on DOJ Subpoena from PR Newswire – It’s very short but Lending Club has issued a statement on the DOJ subpoena.

LendingClub cancels summer intern program as capital flees from CNBC – More fallout from the Lending Club saga, their summer intern program is canceled.

New York’s Financial Regulator Subpoenas LendingClub from The Wall Street Journal – Apparently unrelated to the current saga the top NY financial regulator comes calling on Lending Club.

The LendingClub Distraction from The Wall Street Journal – In the Wall Street Journal a Columbia law school professor chimes in on potential new marketplace lending regulation.

‘This is not the canary down the coal mine’: Here’s what the industry is saying about LendingClub’s crisis from Business Insider – Thoughtful piece on the LC saga by Oscar Williams-Grut in Business Insider with quotes from many European p2p lending leaders.

It’s Time to End the Phrase ‘Marketplace Lending’ – Because it’s Insane from deBanked – We are still an industry looking for a name according to Sean Murray because marketplace lending doesn’t cut it.

Lending Club spotlight – Degrees of transparency and the importance of corporate culture from AltFi – Rupert from AltFi says we need to develop a culture of transparency as well as a secondary market.

#MyProsperStory Q&A with Prosper Investor: Abeer Agrawal from Prosper – Now, on to more normal news. Here is a Q & A with an institutional investor on Prosper.

My Thoughts on Trust in Marketplace Lending from LinkedIn – Dave Girouard provides his thoughts on trust and what Upstart is doing to earn and maintain investor trust.

Avant lays off nearly 60 as it scraps new product launches from Crain’s Chicago Business – At Avant they are scrapping their new credit card and auto loan products and laying off 7% of their workers.

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.

Newbie here: are my notes protected? – Although an unlikely scenario, an investor asks what might happen to their loans if Lending Club declares bankruptcy.

What does LC need to do to attract more retail investors? – Forum members chime in on what they would like Lending Club to do to attract more of their investment dollars.

BRV Requests: Responses from Lending Club – A bankruptcy remote vehicle is a hot topic for investors.

The media really doesn’t understand LC. Post your examples here – The forum points out some misrepresentations in the media.

new mortgage & housing payment fields added – Lending Club added two new fields available to investors.

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.

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Carl Saperstein
Carl Saperstein
May. 21, 2016 11:54 am

Today’s Wall Street Journal includes an article titled “America’s Card Debt Soars”. Looking ahead-good news for future Lending Club loans. Of course not one word about this in the article.