"This is going to be the biggest challenge with the FDIC, and absolutely something the FDIC has to take into consideration,” said SoFi CEO Mike Cagney.

SoFi’s Bid to Become an Industrial Bank Pulls FDIC into Fintech Fray


The Federal Deposit Insurance Corp. has so far managed to stay out of the growing battle over how the U.S. fintech sector should be regulated, but that appears likely to end as one of the nation’s largest online lenders announced plans to apply for a specialty banking charter soon.

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