Former SEC Chairman Arthur Levitt to Become SoFi Advisor
Continuing to roll out billions in loans, this startup company also aims to supersede Wall Street banks offering student borrowers a sort of safety net, although Levitt is an avid supporter of technology’s role on Wall Street.
“As a longtime supporter of new technologies, innovation and challenging the status quo, I was naturally drawn to SoFi,” said Levitt.
In an article published on Business Insider, finance writer Jonathan Marino says how Levitt feels a long overdue shift is on the horizon in how SoFi and other startups are regulated.
“My desire is that regulation would be nationalized,” Levitt tells Business Insider. He also feels better practices and standards must be brought to the table of this new marketplace lending platform, rather than regulators using it solely “as a source of revenue.”
Also announced in the press release, SoFi has surpassed the $4 billion mark in loans now a servicer in student loan refinancing, mortgages and personal loans making them the second largest marketplace lender under LendingClub.
SoFi is nearing their 4 year anniversary as the first marketplace lending platform offering both federal and private student loans on top of being the first of this marketplace lending platform offering mortgages to their members.
The company objective is to become the primary financial servicer for their members and Levitt’s role is to provide counsel to the SoFi executive management team during the course of this process.
“SoFi is creating a unique financial services model, providing significant value to members and investors alike. I’m thoroughly impressed with its success to date and unwavering commitment to members. I look forward to working with SoFi during such an exciting time for the company and the fintech space more broadly,” Levitt said to media.