California's Union Bank has become the latest commercial bank to join forces with an online peer-to-peer loan approval site by entering a strategic alliance with Lending Club.
I suspect that this is yet another wannabe bank killer trying to stay afloat by pivoting itself into a banking agent. I remember that the charter of one of these self-proclaimed disruptors had originally forbidden banks from taking the other side of loans
initiated on their P2P lending platforms. Reality strikes hard now.
CompetitiveNew York City, NY (USA)
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