Sheila Bair Joins Avant Board as Online Lenders Draw Scrutiny
- `I really want there to be more innovation and competition'
- Online lender follows rivals in bringing on former regulators
Sheila Bair.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Sheila Bair, the former head of the U.S. Federal Deposit Insurance Corp., is joining the board of online lender Avant as regulators take a closer look at the burgeoning business of providing credit to consumers over the Internet.
Founded by an entrepreneur who made a fortune in payday lending, Avant is growing fast. Since it began operating three years ago, the company has originated more than $3 billion of loans, primarily to borrowers who have a few dings on their credit report.