SAN FRANCISCO, May 17, 2016 /PRNewswire/ -- Lending Club today issued the following statement:
"We are not surprised to receive a Department of Justice subpoena in light of our public disclosures and the focus of the Department on financial services. The Company is fully cooperating and has engaged in a productive and orderly dialogue through counsel. While the investigation is still in its early stages, the Company is pleased with the open and positive interactions that have occurred to date."
About Lending Club
Lending Club's mission is to transform the banking system to make credit more affordable and investing more rewarding. The Company's technology platform enables it to deliver innovative solutions to borrowers and investors. We operate at a lower cost than traditional bank lending programs, so we're able to pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. Lending Club is based in San Francisco, California. More information is available at https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MI, MN, MO, MS, MT, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, or WY. All loans are made by federally regulated issuing bank partners.
SOURCE Lending Club