Rep. Maxine Waters, ranking minority member of the House Financial Services Committee, has written FDIC Chairman Martin Gruenberg, requesting his agency conduct a public hearing to consider SoFi’s application for deposit insurance on the industrial bank it is chartering in Utah.
SoFi is Social Finance, the six-year-old company that has made a name for itself in the online lending space focusing on student debt. More recently it has begun offering mortgages and personal loans. In June, SoFi submitted the application with the FDIC; Rep. Waters, a Democrat from California, sent her letter to Gruenberg on Aug. 25. [Continue]