LendingClub Lower Amid Report NY Regulator Has Subpoened Co. Over Business Practices

Shares of LendingClub Corp LC gave up some of its earlier gains following reports that the company was subpoenaded by New York's financial regulators. LendingClub's stock hit an intra-day high of $3.97 but traded lower to the $3.75 mark after New York's financial regulators said they will look into the company's interest rates and fees charged to citizens of the state. However, the probe appears to be unrelated to the recent departure of LendingClub's CEO Renaud Laplanche who resigned after an internal review uncovered $22 million in loans sold that did not meet the buyer's requirements.