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.