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Lending Club Legal Dispute Could Lay New Ground for OCC Charters

March 19, 2019, 7:42 PM

Lending Club Corp.'s potential interest in becoming a federally chartered bank could cause a federal banking regulator to navigate uncharted waters: how to account for a non-bank company’s ongoing legal battle with the FTC.

The publicly traded peer-to-peer lender is considering applying for a full service banking charter from the Office of the Comptroller of the Currency, according to two sources with knowledge of the matter. Lending Club’s interest in a charter was first reported by Politico.

A standard banking charter would allow one of the largest online lenders to take deposits, which isn’t possible under the OCC’s special purpose...

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