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LendingClub will acquire a banking license, $1.4b in assets that will provide a stable and cheaper source of funding, and improved margins no longer needing bank approvals for each loan.
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“What a bank charter does for LendingClub is it allows us to take what is the leading digital loan provider online and combine it with a leading digital deposit gatherer,” Scott Sanborn, CEO of LendingClub, said Tuesday on CNBC. “It totally changes the earnings profile of this business.”
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