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Lending Club’s Renaud Laplanche Is Back With A New Venture

PYMNTS

Renaud Laplanche, Lending Club’s former CEO, is back with a new internet lending startup called Credify Finance Corp. But despite its early status, Credify comes into the market pre-wired for lots of attention — since its founder is both famous and infamous in online lending circles. Department of Justice.

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Facing Tougher Times, Prosper Marketplace Is Making Deep Staff Cuts

PYMNTS

According to Wall Street Journal reports, the online lender is shedding 28 percent of its staff and rearranging its executive team. The biggest individual cut will be a Utah office dedicated to lending for medical procedures, but 14 percent of Prosper’s San Francisco- and Phoenix-based workforce is also on its way out the door.

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LendingClub Settles With SEC, DOJ

PYMNTS

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. lending marketplace. Attorney Alex Tse. “We The Response.

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Billions Of Dollars Wasted, But Soaring SME Optimism

PYMNTS

We examine the findings from several market reports on small business access to capital, lending, growth and employment. That figure represents a 30 percent increase in borrowing among these SMEs compared to 2010 and a 70 percent increase compared to 2006 figures. That’s up from 57 percent in 2013.

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Renaud Laplanche Wants To Reinvent Consumer Credit: Here’s How

PYMNTS

When Renaud Laplanche founded LendingClub 12 years ago in 2006, the lending landscape was a very different place. Most consumer and business lending was done through traditional banks, and to say that peer-to-peer (P2P) or marketplace lending was nascent would be overly generous.

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FinTech’s Bright Future Marred by Hype

PYMNTS

A few days later, one of the founding fathers of FinTech, Renaud Laplanche , was forced out of Lending Club, the peer-to-peer lender he founded in 2006, following scandals over loan disclosures and conflicts of interest. The really interesting, though less juicy, story is what got Lending Club into trouble.

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Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

bank failures per year between 1996 and 2006, and 3.6 The old borrow short, lend long strategy. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 800%, only to fall 740% from its peak by October 2002, giving up all its gains during the bubble. Between 1941 and 1979, an average of 5.3

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