By Suzanne Barlyn
(Reuters) - New York state's financial regulator subpoenaed Lending Club Corp (N:LC) on Wednesday over its business practices related to interest rates and fees charged to New Yorkers, a person familiar with the matter said.
The move by the New York Department of Financial Services (NYDFS) follows the opening of a U.S. Department of Justice investigation of Lending Club. The San Francisco-based online lender's chief executive, Renaud Laplanche, was forced out last week after an internal probe found the company had falsified documentation when selling a package of loans.
""Lending Club intends to fully cooperate with the New York State Department of Financial Services," a company spokesman said.
Lending Club is the largest of so-called marketplace lenders, which sell their consumer and small-business loans on to investors.
The company said a quarterly filing with the Securities and Exchange Commission on Monday that it received a federal grand jury subpoena on May 9, the same day it announced Laplanche's resignation. The company's founder is a well-known figure in the online lending business sector.
The NYDFS has also requested information about the company's marketing strategies as well as details about how its loans are funded and serviced, the person familiar with the matter said.