Lending Club Names Michael Barr and Jeff Huber to Advisory Board

Former U.S. Treasury assistant secretary for financial institutions and Google senior vice president join credit platform's advisory board

Nov 13, 2013, 06:00 ET from Lending Club

SAN FRANCISCO, Nov. 13, 2013 /PRNewswire/ -- Lending Club (http://www.lendingclub.com) announced today the appointment of Michael S. Barr, law professor at the University of Michigan and a senior fellow at the Center for American Progress and at the Brookings Institution, and senior Google executive Jeff Huber, to its advisory board.

Barr served from 2009-2010 as the U.S. Department of the Treasury's assistant secretary for financial institutions, where he was a key architect of the Dodd-Frank Act. He previously served as Treasury Secretary Robert E. Rubin's special assistant, as deputy assistant secretary of the Treasury, as special advisor to President William J. Clinton, as special advisor and counselor on the policy planning staff at the State Department, and as a law clerk to U.S. Supreme Court Justice David H. Souter and Judge Pierre N. Leval of the Southern District of New York. Barr received his J.D. from Yale Law School, an M. Phil in international relations from Magdalen College, Oxford University, as a Rhodes Scholar, and his B.A., summa cum laude, from Yale University.

"Lending Club's platform is very innovative and consumer friendly," said Barr. "The platform offers borrowers a fixed interest rate and fully amortizing loans that help consumers pay down their debt each month."

Jeff Huber, Lending Club's other new advisor, joined Google in 2003 and is currently at Google X. His tenure at Google has included leading Maps, Payments and Travel (2011-2013), and engineering and development for the company's advertising products (2003-2011) and for Google Apps (2005-2010). Prior to joining Google, Jeff was vice president of architecture and systems development at eBay and senior vice president of engineering at Excite@Home, where he led consumer product and infrastructure development. Jeff holds a bachelor's degree in computer engineering from the University of Illinois and a master's degree from Harvard University. He is a board member of Electronic Arts and The Exploratorium.

"I'm pleased to join Lending Club's advisory board," said Huber. "Their platform leverages technology to lower costs and empower consumers, with a relentless focus on doing the right thing for its customers."

Barr and Huber join Facebook Chief Marketing Officer Gary Briggs, former Mastercard CEO Pete Hart, former Superintendent of Banks for New York Richard Neiman, former Mastercard Chief Risk Officer Christopher Tom, former PaineWebber International CEO Brian Barefoot, former Harvard Professor Dr. Walter Kuemmerle and former Citigroup EVP, North American Consumer Risk John Furjanic to complete Lending Club's advisory board.

"We are excited to welcome Michael and Jeff as advisors," said Lending Club CEO Renaud Laplanche. "As an online marketplace delivering consumer credit, we will benefit from their combined expertise in our continuing quest to deliver affordable credit and attractive returns, and a great customer experience to both sides of the platform."

Members of Lending Club's advisory board do not participate in the company's day-to-day management or operations, bear no fiduciary duties to the company and no liability for the acts or omissions of the company or its employees or agents.

About Lending Club

Lending Club utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. Over $2.75 billion in personal loans have been issued through the Lending Club platform, which has more than doubled annual loan volume each year since launching in 2007. The Company has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies in 2011 and 2012, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company in 2013. 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: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MN, MO, MS, MT, NH, NV, NY, RI, SD, UT, VA, WA, WI, WV, or WY.

Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.

SOURCE Lending Club