The Bank Slate


LendingClub exits three-year OCC operating agreement

LendingClub in San Francisco has been released from an operating agreement tied to its 2021 purchase of Radius Bancorp.

The three-year agreement with the Office of the Comptroller of the Currency expired on Friday, removing capital constraints and opening up more opportunities for the company to expand.

The agreement also required LendingClub to discuss changes or additions to its operating plan with the OCC, among other things.

Buying Radius and obtaining a bank charter, LendingClub gained access to lower-cost deposits.

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