Regulators Say LendingClub Failed To Properly Disclose Fees
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SAN FRANCISCO (AP) — Federal regulators say LendingClub failed to properly disclose fees on loans that it advertised as having "no hidden fees," but the company disputes that.
The Federal Trade Commission says the San Francisco-based company often charged hundreds or even thousands of dollars in fees and didn't properly disclose them.
LendingClub says it discloses its origination fees in several places on its website. The company says it received relatively few complaints from customers.
A federal lawsuit was filed against the company in California.
LendingClub says it hopes to resolve the issue quickly.
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