News Topic: SoFi

Meetings between bank regulators and technology giants like Amazon and PayPal underscore Silicon Valley's growing involvement in the financial services arena, and may presage pursuit of a bank charter. ... Read full article

The accounting firm says only a "very few" clients were affected by the cyberattack; former CEO Mike Cagney's wife, the lender's chief tech officer, is leaving. ... Read full article

The Financial Stability Oversight Council meets Friday to discuss removing the label from the now shrunken insurer; Senate Banking Committee to hear Richard Smith on October 4. ... Read full article

The chief information officer and top security officer are retiring in the wake of the massive data hack; Mike Cagney is leaving the student loan lender. ... Read full article

The online lender has accelerated its search for a permanent CEO and is said to be seeking someone with a history of success in banking. ... Read full article

Few lawmakers have stated positions on fintech applications for industrial loan company charters. It may not stay that way. ... Read full article

Lenders aren’t happy with the way the credit bureau has responded to the data breach; JPM chief calls digital currency “a fraud.” ... Read full article

Mike Cagney’s eventual successor will have to decide whether to continue his focus on rapid growth. Also on the table are strategic decisions about when to go public and whether to pursue a bank charter. ... Read full article

The chief executive officer of Social Finance is stepping down before the end of the year amid sexual harassment accusations leveled at one of the most valuable financial technology startups. ... Read full article

Online lender’s co-founder says “negative press” from lawsuits has become a “distraction”; company sought lighter regulation and limited legal liability for credit bureaus. ... Read full article

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow. ... Read full article

Many of the arguments in this debate have less to do with the applicants’ qualifications than with traditional banks’ fear of new, innovative competitors. ... Read full article

Rep. Maxine Waters, D-Calif., is calling on the FDIC to hold a public hearing on SoFi's application for a deposit insurance ... Read full article

Not only did Walmart's bid for an industrial loan company galvanize bankers, it also turned the ILC world upside down. ... Read full article

Contrary to the view of some, technology has not rendered the Community Reinvestment Act obsolete. But everyone seems to agree that it should be reformed. ... Read full article

The Fed wants directors to “focus on the big issues” not minutia; Softbank to invest $250 million in online small business lender. ... Read full article

Events of the past decade demonstrate that further tearing down firewalls between banking and non-banking businesses would be a huge mistake. ... Read full article

Social Finance’s application for an industrial loan charter has not only drawn opposition from a coalition of incumbent banks and community activists, it also serves as a microcosm of several perennial debates in financial services policy. ... Read full article