Why Shares of SoFi Are Falling Today
Shares of digital bank SoFi Technologies (NASDAQ: SOFI) traded nearly 6.5% lower in the final hour of trading today after members of the U.S. Senate Banking Committee sent a letter to the company regarding its crypto activities. The committee also sent a letter on the matter to various bank regulators.
The U.S. Senate Banking Committee is specifically looking into whether SoFi's crypto activities are in compliance with U.S. banking and consumer protection laws.
At the start of this year, SoFi completed its acquisition of a small bank called Golden Pacific Bancorp in order to obtain a bank charter, which would enable it to hold deposits and originate loans inside the bank.
Source Fool.com
