$LC REALLY....? “Let me assure you that we are in a strong financial position with a substantial amount of cash and securities on our balance sheet -- $868 million,” Acting CEO Scott Sanborn wrote late Thursday in an e-mail to investors who buy the company’s loans. “We plan to be around for many years to come.”
$LC:Desperate Lending Club Raises Interest Rates To Encourage Investors, Postpones Shareholder Meeting....!
If C talk materializes, it will go higher IMO
LC booom! 4.4 13D , Chinese stake
Lol at the rookie that screams short every time someone has an option different than their own. I'm on the sidelines waiting to hear more about DOJ investigation
LC $4 follow thru reversal. More to come
Data integrity is an essential component of inspiring trust and confidence in the Lending Club marketplace. The recent review by a sub-committee of the Board of Directors surfaced a gap in preventative controls related to data management alongside other internal controls issues. In this letter, we want to share the comprehensive, specific actions we’ve taken to strengthen our data management framework.
In March, Lending Club detected changes in the application dates of 361 loans sold to a single investor and addressed the issue within 48 hours. In order to test whether other data had been compromised, an outside expert firm was retained to do forensic data change analysis. The effort was conducted by a Big Four accounting firm, and covered approximately 673,000 whole loans sold to investors over the last 8 quarters in the super prime, prime, near prime and small business programs (see Data Testing Presentation for detail). In total, the analysis looked at over 10 million test conditions across the loans and fields considered.
Excluding the previously identified 361 loans, 99.99%1 of the remaining loans display either no changes or changes explained by the normal course of business. The normal course of business includes activities like transfers of loan ownership between investors (e.g., secondary market sales or purchases), quality assurance processes, and certain user interactions (e.g., inadvertent double-clicks), among others.
Recent efforts supplement the work that Lending Club has done over time to audit and manage its data. A key component of our ongoing work is our 2015 SOC 1 Type 2 report, which includes the testing of over 55 control activities and contains a clean audit opinion.
Lending Club is also making the following enhancements:
• Enhancing the testing of data changes prior to deployment based on the risk of the change
• Reviewing change requests for key data attributes, prior to implementation, by the Internal Audit Team
• Validating that change requests for key data attributes have been properly executed
• Expanding the number of data fields that are logged for changes
• Monitoring logs for key changes
• Refreshing training/communication on data change management processes
• Enhancing the end-to-end testing framework
• Completing a consulting engagement on data change management with a Big Four accounting firm; implementing appropriate best practices
• Retraining employees on code of conduct and ethics and the whistleblower hotline
• Reinforcing a high compliance culture as explicit objectives in the employee performance review process
1 The analysis is nearly complete. Approximately 0.01% of the loans are under review as of 5/16/16.
In the interest of transparency, we’ve provided important additional information in the attached packet:
1. Data Testing Presentation
2. Remediation Plan for Data Management
Our business thrives on data. We use it in every aspect of our operations, from making credit decisions to hiring employees. Data integrity has been – and will always be – critical to Lending Club.
But just as important, our business depends on trust. The problems identified this quarter run counter to our values and will never be tolerated. We’re working hard to make things right and prove to you that we continue to deserve your trust.
We look forward to continuing to work together and having you as an investor for years to come.
Lending Club President & Acting CEO
LC 3.4 premarket on last nite update news. Always knew there was a dark cloud buying this. But looks like there's a wash at 3.25. Could see a reversal here
LC 3.8 nice engulfing candle off lows. Lots of calls bought. Should see fireworks even
Short going to get fuck here soon in my opinion.
Monday should be an up day.....
Loaded up big today. We should start to see this move back up. I have been a lender for years and have done very well with LC. This is a great organization and they have a very bright future!
I'll jyookoi ouro8 Rioo uPOO0upj
Redtube moo lo lO look knob qmol
Check out SBID (Symbid). Up and comer in the space. Great announcement today and completely undervalued. finance.yahoo.com/news/symbid-adds-loan-crowdfunding-expands-124500055.html
OTTERDAM, THE NETHERLANDS and NEW YORK, NY--(Marketwired - Jun 18, 2015) - Symbid Corp. (OTCQB: SBID) www.symbidcorp.com
Symbid -- the financial technology brand behind The Funding Network™, where companies get funded and grow -- today announced the launch of its own loan crowdfunding product. The launch means Symbid now offers both equity and loan crowdfunding in addition to traditional and other alternative funding options via The Funding Network™ including angel investing, venture capital and bank loans. Loan crowdfunding by Symbid will make use Symbid's internally developed monitoring tool and independent treasury management agency Catena -- spin-off of leading risk management firm Zanders. It is a professional and more transparent alternative to current online lending options for both investors and entrepreneurs.
"We're delighted to launch our own loan crowdfunding product within the service offering of The Funding Network™. By bringing peer-to-business loans in-house we're staking our claim as the go-to European platform for entrepreneurs in search of funding. With a monthly transaction volume above $50 million, The Funding Network™ by Symbid is now connecting alternative and traditional finance," said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. "Using our advanced monitoring tool and independent pricing, we're confident that loan crowdfunding at Symbid is an improvement on the current market standard. Giving investors ongoing insights into the performance of the business means full transparency and professionalism. This launch is a big milestone in our mission of simplifying the way small businesses are funded."
Symbid is launching a new, more entrepreneurial way of crowdfunding loans which, based on advanced investing, monitoring and data tools, enables full transparency between investor and entrepreneur. Investors receive their return on a quarterly basis while monitoring the performance of their investment -- including its risks and rewards -- through a user-friendly KPI dashboard. Both equity and loan investments can be made from one account, meaning Symbid now has online investing covered. The pricing of each loan -- the interest rate paid by the entrepreneur to their investors -- is objectively determined by Catena Investments.
By offering both equity and loan crowdfunding Symbid expects serve an even broader group of entrepreneurs with funding. FIZ lawyers, specializing in alternative finance, is providing legal support for the Loan Crowdfunding by Symbid product. "Symbid's take on loan crowdfunding is innovative because it gives investors a deep insight into the performance of the businesses to which they have lent money. We see this degree of transparency as a huge step forward in the world of alternative financing," said Jurian Snijders of FIZ lawyers.
The launch improves Symbid's offering to entrepreneurs by introducing a trusted market alternative to current online lending services. Entrepreneurs connecting to The Funding Network™ are brought to the right type of funding as efficiently as possible. This can mean crowdfunding (loan or equity), traditional funding options, or a combination of both. With the launch of loan crowdfunding Symbid is aiming to become the go-to funding platform for both investors and entrepreneurs.
Symbid Corp.? Watchlist
OTC BBMon, Jun 15, 2015 12:12 PM EDT
SYMBID CORP. Financials EDGAR Online Financials 2 days 1 hr ago
SYMBID CORP. Files SEC form 10-Q, Quarterly Report EDGAR Online 1 mth 4 days ago
The first business to be funded via Loan Crowdfunding by Symbid is CareRate, a healthcare review app. The investment opportunity is now live on the Symbid platform.
I thought it was just some selling! Lol
Great earnings and sub $17?