Summers Joins Lending Club Board

Lawrence Summers, formerly one of President Obama's top economic advisors, has joined Lending Club's board of directors, the company announced Thursday.

San Francisco-based Lending Club arranges loans to individuals, who are often looking to pay off existing credit card balances. The company says that it is currently operating at an annual run rate of more than $1 billion in loans, relying on technology that's aimed at reducing the cost of banking.

"Lending Club has the potential to profoundly transform banking over the next decade to meet the needs of consumers and families," Summers said in a news release that announced his appointment. "Today's rapid adoption of technology and innovation make it possible for disruptive ideas like Lending Club to make a major impact, and I am excited to lend my experience to their endeavors."

Summers is a former Treasury secretary under President Clinton who later served as president of Harvard University. He was also director the National Economic Council in President Obama's White House.

Summers is the latest prominent name to be named to the board, joining former Morgan Stanley chairman John Mack and venture capitalist Mary Meeker.