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WHEREAS, LendingClub Corporation, Redwood City, California, a licensed small loan company under Massachusetts General Laws chapter 140, sections 96 to 114A, and 209 CMR 20.00 et seq. ("LendingClub" or the "Corporation") has been advised of its right to Notice and Hearing pursuant to General Laws chapter 30A, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated June 1, 2011, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a small loan company, LendingClub agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of LendingClub was conducted pursuant to General Laws chapter 140, sections 96 to 114A, as of June 9, 2008 (the "examination/inspection"). Because of concerns regarding the Corporation's compliance and financial condition, the examination/inspection continued in 2010 and concluded on March 10, 2011, to assess the Corporation's level of compliance with applicable Massachusetts and federal laws and the Division's regulations governing the conduct of those engaged in the business of a small loan company in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of LendingClub alleged violations of state laws and regulations including deficiencies in LendingClub's current financial condition and compliance program.
NOW COME the parties in the above-captioned matter, the Division and LendingClub, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 1st day of June, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts