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Violation Tracker Individual Record

Company: LendingClub Corp. and Springstone Financial, LLC
Current Parent Company: LendingClub Corp.
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $2,000,000
Year: 2018
Date: March 12, 2018
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: LendingClub and its subsidiary Springstone agreed to pay a $2 million administrative penalty in settlement of allegations the former acted as a third party loan servicer for small loans and the latter arranged small loans for a fee when neither had the licenses or registrations required to do business in the state.
Level of Government: state
Action Type: agency action
Agency: Massachusetts Division of Banks
Civil or Criminal Case: civil
Facility State: Massachusetts
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.