News Article | May 10, 2017
With an eye on providing banking services later this year, online lending startup SoFi is planning to apply for an industrial bank charter in the next month, according to CEO Mike Cagney. If approved, it would become the first company to receive a new industrial loan company (ILC) charter in a decade. Since launching in 2011, SoFi has gradually added new financial products and services to serve its member community. Banking is one area that it’s keen to enter, as it sees an opportunity to provide checking, deposit and credit card accounts to its users. SoFi has long been interested in applying for an industrial banking charter, and has even weighed the possibility of acquiring a regional or community bank to offer those services. In a profile of the company published last summer, The Wall Street Journal reported SoFi had met with Utah and federal regulators about applying for a charter in March 2016. In a conversation with TechCrunch, Cagney explained why he thinks the time is right for SoFi to move forward with its application, and what it expects to do if approved. In short, a lot has happened since SoFi spoke with regulators a year ago. Earlier this year, the company announced it has raised an additional $500 million in equity financing from Silver Lake Partners. But more importantly, it acquired online banking startup Zenbanx, which gives it the tech infrastructure it would need to process deposits and manage checking, savings and credit card accounts. “With Zenbanx, we got a banking stack that de-risks the ILC application,” Cagney said. “We will have the ability to get our deposit product out later this year.” Also, with $1.9 billion in venture capital backing it and its tech stack in place, Cagney told me that the company has plans to apply for an ILC charter in the next month. Industrial bank charters, or ILCs, provide a way for companies that aren’t banks to provide banking-like services to customers. And while ILCs have been around for more than 100 years, they’ve fallen out of vogue in the last decade due to increased regulation against them. According to Cagney, that’s because companies like John Deere and Harley-Davidson used ILCs as a way to take advantage of FDIC-insured deposits to fund the financing arms of their businesses. “Our situation is very different,” Cagney said. “We’re not doing this to fund our loans. We see this as an opportunity to deliver a better product to our members than what’s available today.” By combining a banking option with its lending products, Cagney said SoFi could offer discounted rates to members who set up auto-pay between their accounts. And with a SoFi-issued credit card, he said the company could potentially use its reward program as a way to help users pay down student loans. “I’m optimistic about this as a solution that delivers a ton of consumer value,” Cagney said. Cagney admitted there was a bit of uncertainty around the approval of such an application. Among other things, he noted that current FDIC chairman Martin Grunenberg is serving out a five-year term, but that will end in November. “It wouldn’t be prudent to assume anything at this stage,” Cagney said. The greater challenge for SoFi is that there haven’t been any new ILC applications approved in nearly a decade. In the wake of the 2008 financial crisis, the Dodd-Frank Act placed a moratorium on industrial bank charters. The moratorium ended in 2013, but still no company has tested the waters with an ILC application since. That means SoFi’s application could be a watershed moment for the industry. While it might not necessarily open the floodgates for other companies seeking an ILC charter, approval would send a signal to the market that regulators are once again open to the idea of issuing this type of license to non-banking institutions. “I think this is going to be the biggest challenge with the FDIC, and absolutely something the FDIC has to take into consideration,” Cagney said. As a result, the company is working on other ways that it could begin offering a SoFi-branded banking product later this year. Even if the company is not able to get approval for an industrial bank charter, it would still be able to offer checking, deposit and credit card services through a regional banking partner. “There are ways we can do this without an ILC. The benefit, though, is that it allows us to have a bank subsidiary,” Cagney said.
Meeting nonroad final tier 4 emissions on a 4045 john deere engine using a fuel reformer and LNT system with an optional SCR showing transparent vehicle operation, vehicle packaging and compliance to end-of-life emissions
McCarthy J.,Eaton Corporation |
Yue Y.,John Deere and Co |
Mahakul B.,John Deere and Co |
Gui X.,John Deere and Co |
And 3 more authors.
SAE International Journal of Engines | Year: 2011
The nonroad Final Tier 4 US EPA emission standards require 88% reduction in NOx emission from the Interim Tier 4 standards. It is necessary to utilize aftertreatment technologies to achieve the required NOx reduction. The development of a fuel reformer, lean NOx trap (LNT) and optional selective catalytic reactor (SCR) on a John Deere 4045 nonroad engine is described in this paper. The paper discusses aftertreatment system performance, catalyst formulations and system controls of a fuel vaporizer, fuel reformer, LNT and SCR system designed to meet the nonroad Final Tier 4 emission standards. The 4045 John Deere engine was calibrated and integrated with the aftertreatment system. The system performance was characterized in an engine dynamometer performance test cell, durability test cell and on a vehicle. The catalyst performance was evaluated using aged catalysts and a detailed description of the LNT, DPF and SCR catalysts is provided. Test results show that the system performance met Final Tier 4 emission standards under a range of test conditions including limited vehicle operation. System performance was characterized under the nonroad transient cycle (NRTC), ramped eight-mode cycle, steady state modal points and not-to-exceed regulations. LNT regeneration, LNT desulfation and DPF regeneration were demonstrated in these test cycles while maintaining repeatable and consistent aftertreatment temperature control. The LNT system regeneration fuel consumption ranged between 1.4% to 3.1%. The system consistently demonstrated 85% NOx reduction in a performance and durability test cell, and on a vehicle. The downstream SCR catalyst can be removed as an option for tighter vehicle packages while still meeting Final Tier 4 emission standards. © 2011 SAE International.
Taube A.,John Deere and Co. |
Cappel M.,Exact Metrology |
Boens V.,John Deere and Co.
SAE Technical Papers | Year: 2010
Light-weight, tessellated surface models are increasingly used in marketing websites and electronic documents as well as in electronic training materials and service information documents. While these models are effective in developing consumer interest and communicating information, without implementing adequate Intellectual Property Protection (IPP) they also provide valuable geometry to miscreants wanting to reverse engineer a product and/or its component parts. Geometry Distortion is an excellent component of a layered IPP Plan for implementation when publishing 3-D models. However, how much distortion is needed to provide adequate IPP? Too much distortion detracts from their appearance while too little does not sufficiently complicate reverse engineering analysis. This paper describes a practical process for determining rational geometry distortion values that provide adequate IPP. Copyright © 2010 SAE International.
French J.J.,LeTourneau University |
Ressler C.P.,LeTourneau University |
Weigelt J.J.,John Deere and Company
ASME 2013 7th Int. Conf. on Energy Sustainability Collocated with the ASME 2013 Heat Transfer Summer Conf. and the ASME 2013 11th Int. Conf. on Fuel Cell Science, Engineering and Technology, ES 2013 | Year: 2013
Previous work at the institution has successfully shown that a novel VAWT design can be employed to provide electrical power to remote rural villages in a cost effective manner. The VAWT's design can effectively utilize the non-laminar, low level winds and survive the increased turbulence present at remote and non-optimal installation locations. Previous efforts have improved the overall aerodynamic characteristics of the turbine and scaled these designs from a 100W to a 1kW scaled turbine. In order to remain a viable and affordable solution for use worldwide by truly rural users, these turbines need to have low manufacturing cost and low maintenance costs. This paper presents the work done by the authors to analyze the main cost contributors, manufacturing methods, techniques, and tooling used to improve productivity in the manufacturing process. Design improvements and construction materials were analyzed to reduce overall weight which leads to cost reduction and overall improvements in manufacturability. The specific improvements explored by the authors include redesigning the arms of the turbine to improve aerodynamic efficiency of the turbine, reducing construction materials to minimum allowable values, and designing manufacturing tooling which will allow for rapid production of large quantities of the turbine. Results are presented from over 4000 hours of in-situ testing of the turbine showing that the manufacturing improvements reduced construction time to 25% of the original design and reduced weight by 25% while maintaining full functionality and high-wind survivability. Copyright © 2013 by ASME.
Harris T.,John Deere and Co. |
Kozlov A.,John Deere and Co. |
Ayyappan P.,John Deere Power Systems |
Combs J.,Deere & Company
SAE 2011 World Congress and Exhibition | Year: 2011
Diesel particulate filters with a quantity of ash corresponding to the service interval (4500 hours) are needed to verify that soot loading model predictions remain accurate as ash accumulates in the DPF. Initially, long-term engine tests carried out for the purpose of assessing engine and aftertreatment system durability provided ash-loaded DPFs for model verification. However, these DPFs were found to contain less ash than expected based on lube oil consumption, and the ash was distributed uniformly along the length of the inlet channels, as opposed to being in the form of a plug at the outlet end of those channels. Thus, a means of producing DPFs with higher quantities of ash, distributed primarily as plugs, was required. An engine test protocol was developed for this purpose; it included the following: 1) controlled dosing of lube oil into the fuel feeding the engine, 2) formation of a soot cake within the DPF, and 3) periodic active regenerations to eliminate the soot cake. This combination of conditions provided high ash capture efficiency, accurate targeting of the ash quantity, and plug-type or wall-type ash distributions. © 2011 SAE International.
Ngan E.,Eaton Corporation |
Wetzel P.,Eaton Corporation |
McCarthy Jr. J.,Eaton Corporation |
Yue Y.,John Deere and Co |
Mahakul B.,John Deere and Co
SAE Technical Papers | Year: 2011
Diesel exhaust aftertreatment systems are required for meeting Final Tier 4 emission regulations. This paper addresses an aftertreatment system designed to meet the Final Tier 4 emission standards for nonroad vehicle markets. The aftertreatment system consists of a fuel dosing system, mixing elements, fuel vaporizer, fuel reformer, lean NOx trap (LNT), diesel particulate filter (DPF), and an optional selective catalytic reduction (SCR) catalyst. Aftertreatment system performance, both with and without the SCR, was characterized in an engine dynamometer test cell, using a 4.5 liter, pre-production diesel engine. The engine out NOx nominally ranged between 1.6 and 2.0 g/kW-hr while all operating modes ranged between 1.2 and 2.8 g/kW-hr. The engine out particulate matter was calibrated to approximately 0.1 g/kW-hr for various power ratings. Three engine power ratings of 104 kW, 85 kW and 78 kW were evaluated. Test results on aged catalysts show that the system performance met Final Tier 4 emission standards having NOx levels below 0.4 g/kW-hr under a range of test conditions that were reflective of actual vehicle operation. Aftertreatment performance was characterized under multiple testing conditions including the nonroad transient cycle (NRTC), ramped 8-mode cycle and a variety of steady state operating points to ensure all not-to-exceed (NTE) regulations were met. LNT regeneration, LNT desulfation and DPF regeneration were demonstrated in these test cycles while maintaining repeatable and consistent aftertreatment temperature control. Final Tier 4 emission standards were met with low fuel usages for LNT regeneration ranging between 1.4 and 3.1%. The aftertreatment system reduced NOx by 89% on the NRTC and 87% on the ramped 8-mode cycle. Likewise, a system without the SCR catalyst yielded similar results of 88% NOx reduction on the NRTC and 86% on the ramped 8-mode cycle. Both system configurations met Final Tier 4 emission levels. Copyright © 2011 SAE International.