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House Representative Calling for FDIC Public Hearing on SoFi’s ILC Charter Application
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House Representative Calling for FDIC Public Hearing on SoFi’s ILC Charter Application

House Representative Calling for FDIC Public Hearing on SoFi’s ILC Charter Application

Fintech Nexus Staff·
FintechNews RoundupUSA
·Aug. 28, 2017·1 min read

SoFi has faced challenges of opposition to its industrial loan charter from numerous parties for various reasons; now California Representative Maxine Waters, a Democrat on the House Financial Services Committee, has written a letter to the FDIC calling for a public hearing to more broadly discuss the online lenders application and its market implications; fintech regulation is an ongoing topic for debate and Waters says, “Granting SoFi’s application would set a precedent that a wide variety of other fintech companies may choose to follow even though concerns related to financial inclusion, consumer benefits, supervision, and regulation of such entities are still unresolved.”; the industrial loan charter would give SoFi a number of advantages including the allowance for FDIC insured deposits with no supervisory reporting requirements at the holding company level; Waters also commented on the development of the OCC’s special purpose national charter for fintech companies which would grant internet lenders nationwide business approval in a single charter, stating that the framework has not been fully developed for implementation; the industrial loan company charter is currently limited to business in the states of California, Colorado, Minnesota, Indiana, Hawaii, Nevada and Utah. Source

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