WASHINGTON – Rep. Maxine Waters, D-Calif., is calling for a public hearing on online lender SoFi’s application for an industrial loan company charter, which would allow the company to accept deposits and access deposit insurance.

“Granting SoFi’s application would set a precedent that a wide variety of other fintech companies may choose to follow even though concerns related to financial inclusion, consumer benefits, supervision, and regulation of such entities are still unresolved,” wrote the top Democrat on the House Financial Services Committee.

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