Will sexual harassment claims cost SoFi its bank charter?

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Online lending startup SoFi, a fintech success story worth billions, withdrew its application for a bank license last month after a sexual harassment scandal prompted the departure of cofounder.

Mike Cagney, the SoFi founder who was ousted from the company three months ago after allegations of sexual harassment. s chief executive stepping down, is dashing its chances of becoming a bank.

eradicate and prevent harassment. Up-to-date compliance policies, appropriate training that includes all levels of an organization, including its board, a confidential reporting system and individual.

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SoFi Co-Founder and CEO Mike Cagney to Step Down by Year End. It has been a bad few weeks for SoFi. Back in August there was the news of a sexual harassment lawsuit from a former employee. Before that there had been several senior executive departures, we have had a class action lawsuit and one of Silicon Valley’s most valuable and revered.

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At SoFi, it took just a month after an allegation of sexual harassment at the. To do that, the company needs regulators to grant it a state bank charter and federal. The Federal Deposit Insurance Corp. does not comment on pending applications.. Cagney's resignation was spurred by a lawsuit filed Aug.