FDIC and CFPB Must Take Immediate Action to Halt SoFi’s Latest Lawbreaking Effort to Prey on Customers and Exploit the Banking Crisis - Student Borrower Protection Center (2024)

FAQs

What is the SoFi controversy? ›

In October 2018, SoFi settled Federal Trade Commission (FTC) charges, agreeing to stop making false claims about savings from student loan refinancing. The FTC alleged that SoFi had been making such false claims since April 2016.

The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding. Administrative proceedings are conducted by an Administrative Law Judge, who holds hearings and issues a recommended decision.

SoFi Checking and Savings is a mobile-first online bank account that keeps your hard-earned dollars safe; all accounts receive FDIC insurance of up to $250,000 per member.

In 2023, the CFPB filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits. Those orders require lawbreakers to pay approximately $3.07 billion to compensate harmed consumers and pay approximately $498 million in civil money penalties.

The ownership structure of SoFi Technologies (SOFI) stock is a mix of institutional, retail and individual investors. Approximately 33.03% of the company's stock is owned by Institutional Investors, 26.86% is owned by Insiders and 40.11% is owned by Public Companies and Individual Investors.

Yes, funds deposited into SoFi checking and savings accounts are FDIC insured for up to $250,000 per depositor, for each ownership category, in the event of a bank failure.

If you're having trouble with a credit card, you can submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). If you're not satisfied with the merchant's response, you may be able to dispute the charge with your credit card company and have the charge reversed. This is sometimes called a chargeback.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program.

What banks are affiliated with SoFi? ›

SoFi is an FDIC insured, nationally chartered bank that offers SoFi Checking and Savings. SoFi became a bank in order to bring you the best features, including a simple, market-leading interest rate of 4.60% APY across both SoFi Checking and Savings accounts (requires an active direct deposit).

The complaints may be vague and unsupported but banks have to take them seriously, he said. If the CFPB decides to take an enforcement action based on complaints, legal costs for banks defending action can be tens of millions of dollars a month.

In a lawsuit filed on June 9, 2022, in the United States District Court for the Southern District of California, against Gebase, the CFPB alleged that Processingstudentloans obtained student loan account and billing information for hundreds of former SAI consumers without their knowledge or consent and used that ...

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.

SoFi Bank only offers one checking account, which we give 4.7 stars. It comes with no fees, a competitive APY, access to a massive ATM network and debit card and direct deposit perks. The main drawback is that it doesn't reimburse ATM fees for using out-of-network ATMs.

The lawsuit, which SoFi filed in March, had taken issue with the Biden administration's justification for continuing the student loan repayment pause and argued that the continuation was both unlawful and harmful to its business.

The 19-year-old man who drowned in a lake outside SoFi Stadium during a concert at the venue was identified Monday by authorities. The body of Mirai Ashley Shepard, of Chula Vista, was recovered at about 11 p.m. Friday. Responders tried to revive him, but he died at the scene.

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan.