Six months after acquisition, SoFi is shutting down Zenbanx

Online lending company SoFi is closing down Zenbanx, the online banking provider it bought earlier this year. In an email sent to Zenbanx customers, the company announced that it will close all accounts at the end of next month.

Back in February, SoFi took its first step toward adding checking and credit cards to its suite of financial services through its acquisition of Zenbanx. Then last month, the company applied for a bank charter with the hopes of using Zenbanx’s tech stack and personnel for the introduction of its own SoFi-branded online bank cloud computing.

However, while the banking charter application is pending, it didn’t make sense for SoFi to continue offering services under its current structure. According to a SoFi spokesperson, Zenbanx had a partnership with Wilmington Savings Fund Society (WSFS) that expired this month and, rather than renew it or find another partner, the company decided to just close existing accounts.

Below is a partial copy of the email sent to Zenbanx users, which also included instructions for how to remove funds before the August 31 deadline.

https://techcrunch.com/2017/07/03/six-months-after-acquisition-sofi-is-shutting-down-zenbanx/

The Council of Europe report

IRELAND DOES NOT have enough constitutional protection for local government.

That is the opinion of two special rapporteurs to the Council of Europe, who called on the government to revise legislation in order to devolve more power to local authorities<a style="color:#404040; text-decoration:none;" href="http://showtimeconcepts.com/">lingerie shop</a>.

The report by the Congress of Local and Regional Authorities was yesterday discussed in the Council.

In the report, Congress rapporteurs Andris Jaunsleinis (Latvia) and Merita Jegeni Yildiz (Turkey) welcomed the fact that Ireland has made “substantial changes” since the last monitoring report in 2001.

It also stressed the commitment of the Irish authorities to move from an almost fully centralised system to a certain level of decentralisation, citing the Putting People First action plan, announced last year<a style="color:#404040; text-decoration:none;" href="http://www.go-organize.com/txt/storage-cabinets-wood.html">portable furniture storage</a>.

The report says that the constitutional protection of local government is “rather weak”, that local governments “only manage a modest amount of public affairs”, and that the administrative supervision of their activities by the central level remains high.

The report also draws attention to the limited powers of local authorities to levy taxes or to set rates within the limits of the law.

Yilmiz said:

It is recommended to the Irish authorities that they revise their legislation in order to ensure that the subsidiarity principle is better enshrined and protected in the law

Minister of State Fergus O’Dowd was at the session of the Congress and presented the government’s priorities for reform.

“I see the congress report as providing additional underpinning to the reform agenda that we are implementing and I look forward to the continuing support of the Congress in this regard and to the Council of Europe generally,” he explained<a style="color:#404040; text-decoration:none;" href="http://www.go-organize.com/txt/garage-storage-solutions.html">garage storage units</a>.