CFPB Appoints LendingClub Policy Director to Consumer Advisory Board
The Consumer Financial Protection Bureau (CFPB) has appointed LendingClub's Director of Public Policy, Louis Caditz-Peck, to its Consumer Advisory Board. This board aids the CFPB in understanding trends in consumer finance and comprises experts in economic justice. Caditz-Peck, the only fintech representative, will serve a two-year term. He emphasized LendingClub's commitment to regulatory protections and advocating for fair lending practices. The company has actively pursued initiatives to lower rates for consumers and support regulations for minority-owned businesses.
- Appointment of Louis Caditz-Peck enhances LendingClub's influence in consumer finance policy.
- Demonstrates LendingClub's commitment to regulatory protections and fair lending practices.
- None.
SAN FRANCISCO, Sept. 23, 2021 /PRNewswire/ -- The Consumer Financial Protection Bureau (CFPB) announced its appointment of LendingClub Bank's Director of Public Policy, Louis Caditz-Peck, as an advisor to the CFPB on its Consumer Advisory Board.
The CFPB's Consumer Advisory Board helps inform the CFPB about emerging practices or trends in the consumer finance industry, and shares analysis and recommendations. The CFPB describes the Consumer Advisory Board as made up of experts in consumer protection, economic justice, and consumer financial products. Mr. Caditz-Peck joins colleagues from consumer advocacy organizations as the only industry representative of fintech selected by the CFPB. He has been appointed to a 2-year term.
"LendingClub has sought to advance regulatory protections for consumers and small businesses, consistent with the company's mission of empowering its members on their path to financial health," said Mr. Caditz-Peck. "LendingClub was among the first financial services companies to advocate for strengthening of 'disparate impact' regulations to protect customers from racial discrimination in AI and to encourage technology innovation to improve credit underwriting. LendingClub has also supported
Researchers at the Federal Reserve have found LendingClub loans have lower-rates than credit cards from traditional banks to borrowers with similar credit scores. Working with nonprofit allies, LendingClub was among the first financial services companies to ask the CFPB to advance regulations designed to encourage greater lending to minority-owned and women-owned small businesses, and helped to pass the first small business financial protection laws of the modern era. LendingClub has also produced public research about the financial lives of consumers, including a recent publication finding that the
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S. Members can gain access to a broad range of financial products and services through a technology-driven platform, designed to help them pay less when borrowing and earn more when saving. Since 2007, more than 3.5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.
CONTACT:
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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SOURCE LendingClub Corporation
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