Wells Fargo Pulls The P2P Plug

Citing a conflict of interest, the bank said employees violate internal ethics protocols by providing loans through Prosper and Lending Club, Finextra reported on Jan. 21.

In an email sent to its staff, Wells Fargo instructed p2p participators to cease offering new loans and to unwind existing ones as soon as possible.

Earlier this week, Wells Fargo was among a number of banks to discontinue a controversial type of short-term loan. Learn more about the closure of that program by clicking here.

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