'Fintech' startup SoFi moving into traditional banking

Last week, the San Francisco provider of student and personal loans submitted an application for federal deposit insurance, a protection normally only available to conventional banks.

In its application, the company said its SoFi Bank subsidiary will offer bread-and-butter banking products, including checking accounts, debit cards and eventually credit cards.

SoFi's application carries symbolic value as well.

Since the financial crisis nearly a decade ago, only a handful of brand new banks have arisen.