Renaud Laplanche, the founder, chairman and CEO of online lender Lending Club, has resigned after an internal review showed a violation of the company’s business practices, The New York Times reported. The company said the case involved sales of $22 million in near-prime loans to a single investor. Shares of the company, which sells blocks of what are primarily consumer loans to investors, have been on a steady decline since an initial public offering in 2014. Lending Club was founded in 2007 and applied that year for a license to operate as a nonresident lender in Iowa. However, that license is inactive, according to a Business Record article about online lenders.

  Read an article about Lending Club and other online lenders onBusinessRecord.com.