SoFi applies for US national bank charter

SoFi (Social Finance, Inc) is a fintech firm that started life as a student loan lender when it launched in 2011, and has since grown into a diversified financial services firm.

SoFi has applied to the Office of the Comptroller of the Currency (the OCC), the US national banking regulator, for a national bank charter.

The application will be considered by the OCC, the Federal Deposit Insurance Corporation (the FDIC) and the Federal Reserve.

The charter would allow SoFi to make loans and take deposits directly – without relying on a licensed partner as it does currently.

Be ready as regulations change.

Subscribe to Fintech Law's weekly newsletter.

You May Also Like
Read More

US Fed starts fintech open hours

The Federal Reserve Board (“Fed”) is to start fintech office hours. To help banks and fintech firms speak…