SoFi Pulls Bank Charter Application Amid Executive Upheaval

Law360, New York (October 13, 2017, 4:45 PM EDT) -- Social Finance Inc. on Friday confirmed that it had withdrawn its application for a bank charter amid upheaval within its executive ranks linked to reports about its workplace culture and sexual harassment claims against top company officers.

The online lender, known as SoFi, had been pursuing an industrial loan charter from the state of Utah and deposit insurance from the Federal Deposit Insurance Corp., a move that had engendered opposition from community banks and questions from Democratic lawmakers.

But with the recent departure of SoFi’s co-founder and CEO Mike Cagney in September after allegations about sexual harassment in a lawsuit against...

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