Deal Reached in FTC/SoFi Case

Manatt shares that the FTC has finalized their deal with SoFi who was accused of making false statements about student loan refinancing; according to the FTC, SoFi made misrepresented the amount of money that borrowers have saved or could save by inflating the numbers presented, sometimes double the amount; according to the complaint this was done by excluding large categories of consumers and the disclosures were buried in fine print; SoFi has agreed to stop making deceptive claims and Manatt shares links to the FTC complaint and decision and why the news matters for lenders. Source