Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations.
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.
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.
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.
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.
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.
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.
