LendingClub wrangling more regs on road to bank charter

consumer loan
By Jennifer Kang
07 Nov 2019

In September, LendingClub excluded individual investors in five states from investing on its platform without an explanation. While the reason was undisclosed for nearly two months, the company revealed this week that the change in eligibility is a product of the many steps it is taking to obtain a bank charter.

LendingClub first voiced intent to pursue a national bank charter in August and explained that it was in the "business planning phase" of conceiving what the charter would look like and what steps must be taken to get there.

With a bank charter, the company will be able ...

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