Lending Club, the leading platform for investing in and obtaining personal loans, today announced the appointment of Russell Elmer as the company's deputy general counsel, and as the general counsel and chief compliance officer of LC Advisors (LCA), Lending Club's wholly-owned subsidiary.
Elmer will focus on compliance and the launch of new products.
"We are excited to welcome Russ as a key member of the Lending Club legal team," said Lending Club General Counsel Jason Altieri. "Russ' experience with complex financial products on both the banking and securities side of the business will be invaluable as we continue to evolve and launch new products."
Elmer spent almost a decade as general counsel of E*TRADE Financial, managing all legal functions, including compliance, security and government affairs. While at the multi-faceted financial institution, Elmer provided counsel to not only the securities trading business, but also to the firm's loan, mortgage and auto loan businesses, representing more than $190 billion in total customer assets. Prior to E*TRADE, Elmer was a partner at Gray Cary Ware & Freidenrich (now DLA Piper), a law firm in Palo Alto, California. He most recently served as general counsel and corporate secretary at Pricelock, Inc., a commodities innovator creating the first customized online energy auction platform.
"Lending Club's continued growth and success is a testament to the value of the asset class they have created," said Elmer. "I am excited about what Lending Club is building and the products it offers for its customers. I look forward to putting my experience to work and contributing to their future innovations."
Elmer received a Juris Doctor from the University of California, Berkeley, School of Law and a Bachelor of Arts in Political Science and International Relations from Stanford University. He is a member of the State Bar of California.
Lending Club reduces the cost of traditional banking to offer borrowers better rates and investors better returns. As of August 2012, the company has enabled more than $850 million in cumulative loan originations and is currently adding more than $70 million in new loans per month. By focusing on high-credit-quality borrowers, the Lendingg Club platform has generated 20 consecutive quarters of positive returns for investors. The company's wholly-owned subsidiary LC Advisors, an SEC Registered Investment Advisor, has launched three funds in the last year and now has close to $200 million in assets under management.