LendingClub Said to Be Subpoenaed by New York Over Loans
- Bank regulator seeks documents on business deals with lenders
- State investigation adds to federal probes into company
LendingClub Shakeup: What Comes Next?
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New York’s bank regulator is investigating LendingClub Corp. over loans issued to consumers and its relationships with financial institutions, according to a person familiar with the matter, saddling the embattled company with another probe after its chief executive was forced to resign earlier this month.
New York’s Department of Financial Services issued a subpoena Tuesday to LendingClub seeking information about its business model as well as about agreements between the company and banks, including Salt Lake City-based WebBank, said the person, who asked not to be named because the investigation is confidential.