Lending Club

In my head I've been planning a post about Lending Club and my thoughts on P2P lending in general. Today I got the following in an email from Lending Club:

Lending Club has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. We will continue to service all previously funded loans during this period, and lenders will be able to access their accounts, monitor their portfolios, and withdraw available funds without changes.

The borrowing side of our site will remain generally unaffected by this registration process; borrowers can continue to apply for loans and new loans posted after April 7, 2008, will be funded and held only by Lending Club.

I'd like to say I'm savvy enough to know what this means. Honesty would make me say I have no clue. Any ideas???