Money | A scandal involving an online lender jeopardizes an important new industry
by David Skeel
Posted 6/10/16, 01:00 am
These aren’t the best of days for the online lending industry. Renaud Laplanche, the founder of industry leader Lending Club, resigned as CEO in May after news surfaced that Lending Club had misrepresented its lending practices. The next day, the U.S. Treasury Department released a report calling for greater scrutiny of the rapidly growing industry.
Before barging in with new restrictions, regulators should take a deep breath and count to 10.