Lending Club Not Accepting New Lender Registrations

I received an email from Lending Club stating that they are not accepting any new lender registrations or allowing new commitments from existing lenders because they are in the process of registering promissory notes with the appropriate securities authorities. They also have an announcement on their site that contains less information than in the email. I’m not sure if this means that the previous business model was not in compliance with securities regulations or just why they are changing their method of doing business. The referral program will also be suspended during this process. I’m hoping that Lending Club successfully completes this process because their referral program was profitable for me and my loans are paying well so far. You can read their announcement at the Lending Club website.

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