Violation Tracker Individual Record
Company:
LendingClub Corp. and Springstone Financial, LLC
Current Parent Company:
LendingClub Corp.
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 Parent:
USA
HQ State of Parent:
California
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
financial services
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
