News Topic: SoFi

The acquisition of Golden Pacific Bank will accelerate the online lender’s effort to become a full-service bank. ... Read full article

The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company. ... Read full article

Figure Technolgies, the home equity lender founded by the former CEO of SoFi, is seeking a national bank charter so it can offer more products and services while reducing the need for state-by-state licenses. ... Read full article

Both developments are part of the company’s strategy of becoming a full-service bank for its young, affluent customer base. ... Read full article

Clients of the challenger bank's robo-adviser are able to see one another's trades, add comments and watch a leaderboard of top investors. ... Read full article

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals ... Read full article

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership ... Read full article

If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank. ... Read full article

In announcing its plan to offer a deposit account and debit card in partnership with SoFi, the mobile phone maker suggested that the coronavirus pandemic will accelerate consumers’ adoption of contactless payments. ... Read full article

The acquisition would give SoFi control of a technology platform that is currently used by some of its competitors in digital banking. ... Read full article

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession. ... Read full article

From scams to watch out for to the role banks play in an SBA virus loan program, news about the pandemic's impact was everywhere. Also: As State Farm bows out, U.S. Bank seizes an expansion opportunity; CFPB sues Fifth Third for allegedly opening ... Read full article

The addition of Maria Renz shows how much emphasis the San Francisco fintech is putting on operations and customer experience. ... Read full article

Bankers express confidence despite coronavirus concerns, while consumers ponder cash needs; U.K. will hold off unloading its 62% stake in bank. ... Read full article

Total loans at Regions Financial fell slightly last year, but executives say a shift in consumer lending priorities and more aggressive C&I lending will start to pay off this year. ... Read full article

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations. ... Read full article

The online lender, which has received state approval to establish a virtual currency business, can now offer a full range of investment services — including trading in digital assets — in New York. ... Read full article

The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed. ... Read full article