Banks Fighting SoFi’s Banking Charter
PYMNTS
JUNE 20, 2017
The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. You don’t have any regulation of the parent company under the Bank Holding Act; that is almost always the reason why companies are setting these [structures] up,” he said.
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