Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Weak safeguards in cash-management brokerage accounts
A regulator fined SoFi $1.1 million after identifying inadequate controls intended to prevent unauthorized withdrawals involving stolen or fabricated identities. The matter reportedly involved approximately 800 accounts and transfers totaling about $8.6 million.
2018
Unsupported student-loan savings claims
The FTC alleged that SoFi had overstated consumer savings associated with student-loan refinancing. The settlement restricted unsupported savings representations and required reliable evidence for future claims.
2017
Leadership and workplace-conduct allegations
Mike Cagney announced that he would leave as chief executive after allegations involving sexual harassment and the circumvention of risk and compliance controls.