Lendingclub Corporation · NYSE:LC
Lendingclub — Corporate Update (May 2016)
7 slides from Lendingclub's corporate update, May 17, 2016
Slide 1: Data Testing Presentation May 2016
Data Testing Presentation May 2016 Exhibit 99.2
Slide 2: Timeline
Timeline 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. A sub-committee of Lending Club’s audit committee hired outside counsel to assist with an investigation of the matter. Additionally, a Big Four ac
Slide 3: Overview
Overview The forensic work considered change logs and database tables for 20 selected fields during Q1 2016 as these data fields were identified as key criteria for investor purchases. The firm further considered change logs and database tables for 14 selected fields for a longer period (Q2 2014 – Q
Slide 4: Observations
Observations 361 ($3.0MM) whole loans sold to a single institutional investor had the application date changed. The altered loans were the subject of Lending Club’s disclosure on May 9, 2016. Excluding the previously identified 361 loans, 99.99%* of the remaining loans display either no changes or c
Slide 5: Data Tested
Data Tested * Some data categories include multiple data fields. Q1 2016 Data Categories* Q2 2014 – Q4 2015 Data Categories* Loan Application Date Loan Application Date Loan Application Purpose Loan Application Purpose Borrower Address State Borrower Address State Loan Grade Loan Grade Loan Term Loa
Slide 6: Disclosure
Disclosure Outside legal counsel (“Counsel”) to a subcommittee of the audit committee of the Board of Directors (“the Subcommittee”) of LendingClub, Corp. (the “Company”) retained a Big Four accounting firm (the “Firm”) to provide advisory services to Counsel. The work performed by us as part of thi
Slide 7: LendingClub
:#LendingClub