LendingClub (NYSE: LC), a marketplace lending platform and aspiring digital bank, has appointed Annie Armstrong as the company’s Chief Risk Officer (CRO).
Simultaneously, LendingClub announced that the current CRO, Tim Bogan will take on a new role as Chief Banking Integration Officer to focus on the planning, process, systems, and organizational design work necessary to complete LendingClub’s acquisition of Radius Bank as announced on February 18.
Armstrong will join on March 16 and will transition in partnership with Bogan until formally assuming the role on July 1.
During the most recent earnings call, LendingClub announced the acquisition of Radius as it transitions from an online lender to a full-service digital banking operation. As bank, digital or otherwise, LendingClub will need to beef up its compliance staff. LendingClub should start providing additional banking services to its customers within the coming weeks.
According to LendingClub, Bogan joined the company more than five years ago to lead the Internal Audit function and subsequently took on the Chief Risk Officer role in 2016. Prior to joining the company, Brogan spent 30 years in executive roles in audit, risk management, regulatory compliance, IT, business transformation and optimization, and operational and financial controls implementation. His experience at PricewaterhouseCoopers, Charles Schwab, Levi Strauss, and Freddie Mac are said to make him “ideally suited to lead LendingClub’s transition into an all-new kind of bank.”
Prior to joining LendingClub, Armstrong served as Global Head of Financial Risk for Uber where she built the risk management function for the pre-IPO company. Before that, Armstrong was a KPMG Partner serving as the Global Leader for Marketplace Lending as well as co-leading the FinTech practice in the United States.
“I know LendingClub and this industry intimately and I’m thrilled to join a company that is reimagining banking,” commented Armstrong. “As the Lead Partner for LendingClub while at KPMG, I worked shoulder to shoulder with the company’s Internal Audit, Compliance, and Risk teams from the company’s inception. As LendingClub continues its journey toward becoming a financial health platform with its recent acquisition of Radius Bank, the company’s need to partner with regulators increases in a more meaningful way and my background and expertise will become even more beneficial.”
Armstrong joins LendingClub’s Executive Team as Chief Risk Officer, reporting directly to Scott Sanborn and overseeing all risk functions in addition to Security and Compliance. Bogan remains a direct report to the CEO.
America’s largest online lending marketplace connecting borrowers and investors, today announced that is has selected Annie Armstrong to serve as the company’s Chief Risk Officer (CRO). At the same time, the company announced that the current CRO, Tim Bogan will take on a new role as Chief Banking Integration Officer to focus on the planning, process, systems, and organizational design work necessary to complete LendingClub’s acquisition of Radius Bank as announced on February 18. Armstrong will join on March 16 and will transition in partnership with Bogan until formally assuming the role on July 1.
“Tim spearheaded all of the work that led us to this critical point. His long tenure with the company, understanding of the regulatory and government framework over fintech, and his past experience in banking makes him the perfect person to guide us in achieving this critical next step,” said Scott Sanborn, CEO of LendingClub.
Bogan joined LendingClub over five years ago to lead the Internal Audit function and subsequently took on the Chief Risk Officer role in 2016. As CRO, he built a rigorous control and compliance infrastructure, including building out the three lines of defense architecture at the company. He has over 30 years of experience in audit, risk management, regulatory compliance, IT, business transformation and optimization, and operational and financial controls implementation. His experience and his diverse industry background – holding senior roles at PricewaterhouseCoopers, Charles Schwab, Levi Strauss, and Freddie Mac – make him ideally suited to lead LendingClub’s transition into an all-new kind of bank.
“I’d like to thank Tim for agreeing to take on the critical integration work ahead and I’m equally thrilled to welcome Annie,” continued Sanborn. “Annie’s experience across financial services and technology makes her a great fit as we reimagine banking. They’ll work together as we transition to become America’s largest financial health platform powered by a marketplace bank.”
Armstrong has spent over 20 years focusing on building, defending, and auditing risk management structures for financial services institutions. Prior to joining LendingClub, she served as Global Head of Financial Risk for Uber where she built the risk management function for the then largest pre-IPO company in the Bay Area. Prior to that, she was a KPMG Partner serving as the Global Leader for Marketplace Lending as well as co-leading the FinTech practice in the United States.
“I know LendingClub and this industry intimately and I’m thrilled to join a company that is reimagining banking,” said Annie Armstrong. “As the Lead Partner for LendingClub while at KPMG, I worked shoulder to shoulder with the company’s Internal Audit, Compliance, and Risk teams from the company’s inception. As LendingClub continues its journey toward becoming a financial health platform with its recent acquisition of Radius Bank, the company’s need to partner with regulators increases in a more meaningful way and my background and expertise will become even more beneficial.”
Armstrong joins LendingClub’s Executive Team as Chief Risk Officer, reporting directly to Scott Sanborn and overseeing all risk functions in addition to Security and Compliance. Bogan remains a direct report to the CEO.