July 14, 2021

Following a lawsuit filed by the FTC in 2018, online lender LendingClub has agreed to pay $18 million to settle claims of deceiving consumers about hidden fees, misrepresenting consumers’ approvals for loans, and withdrawing money from consumer bank accounts without authorization.  In addition to the monetary penalty, LendingClub is now required to clearly and conspicuously disclose all fees, as well as the total amount of funds being borrowed.  FTC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Misrepresentations,