Financial services company and digital bank SoFi Technologies (NASDAQ: SOFI) went public in June 2021 with lots of support and plenty of hype. Both its fintech super app and its CEO Anthony Noto were lauded, and investors flocked to the stock. In its efforts to build its brand, the company launched massive marketing campaigns on TikTok and purchased the naming rights of the Los Angeles Rams football stadium.

But as we near the end of 2022, SoFi is under fire from lawmakers in Congress over its crypto activities and it saw the federal student loan moratorium extended, which will likely hurt its business. It's also taking an unusual approach to bank regulatory capital rules. All of this created a lot of uncertainty for investors. At this point, SoFi finds itself in a bit of a regulatory headache.

When SoFi first launched many years ago, it was primarily in the student loan refinancing business. Up until the pandemic, that was its largest segment, and it originated as much as $2 billion of student loans per quarter. But in March 2020, the federal government put a moratorium on student loan repayments in order to help ease the financial hardships caused by the pandemic.

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Source Fool.com