SoFi Settles Charges With the FTC
Yesterday, SoFi agreed to settle federal charges that it misled borrowers about how much they could save by refinancing their student loans. The charges were issued by the Federal Trade Commission (FTC), they voted 5-0 on Monday to issue the administrative complaint and accept the agreement with SoFi. The FTC accused SoFi for the last two years of inflating estimates of the average borrower’s savings from student loan refis. No fines were levied due to limitations in the FTC’s authority. Source.