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LendingClub drops as FTC calls `no hidden fees’ slogan deceptive

Source: David McLaughlin & Noah Buhayar, Bloomberg News

LendingClub Corp., once the Wall Street darling of online lenders, tumbled to a record low after U.S. regulators accused it of misleading consumers with hidden fees and charging borrowers even when they paid off loans.

The Federal Trade Commission said in a complaint Wednesday that LendingClub’s conduct, at times flagged by its own compliance department as problematic, violated federal law protecting consumers from unfair and deceptive practices.


And Lending Club's response: https://blog.lendingclub.com/lendingclub-responds-to-federal-trade-commission-complaint/

Read Full Article: LendingClub drops as FTC calls `no hidden fees’ slogan deceptive


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