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LendingClub Loan Buyer BancAlliance Weighs Pausing Purchases

By Tony Seruga

Group has spent funds allocated for buying loans in May
‘We haven’t yet made a decision on what should happen’

BancAlliance, a network of community banks that has been snapping up loans from LendingClub Corp., is weighing whether to suspend purchases on the online platform after the company said it’s overhauling internal controls.

“We haven’t yet made a decision on what should happen,” said Brian Graham, chief executive officer of AlliancePartners, the investment adviser helping the community banks buy online consumer debts that LendingClub arranges. “As a regulated bank, you really care about compliance and controls.”..

LendingClub Loan Buyer BancAlliance Weighs Pausing Purchases

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