2010 FDIC Financial Technology Operations 
PYMNTS
OCTOBER 1, 2018
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. In 2010, LendingClub added to its war chest with a $24.5
Independent Banker
FEBRUARY 24, 2016
The quickness with which these Wall Street-driven nonbank lenders—variously called peer-to-peer, online marketplace or financial technology (FinTech) lenders—can fulfill borrowers’ requests has enabled alternative lending to double every year since 2010. FDIC-insured deposits largely solve this problem for banks.
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