Money Makers Mentor

SoFi Recieves Preliminary Approval from OCC for National Banking Charter

Social Finance Inc. (SoFi) received conditional approval to establish a full-service national bank by the OCC on Oct. SoFi, which filed the application in July, will become the second major fintech approved for a national charter in the third quarter.

The fintech can establish a national bank under the title of SoFi Bank, National Association once all “preopening requirements are met,” the OCC said. The OCC awarded preliminary conditional approval and expects the bank to apply for Federal Reserve membership. It also must obtain deposit insurance from the Federal Deposit Insurance Corporation. Once approved by the FDIC, SoFi can function as a national bank.

“We look forward to continuing to work with the OCC on the next steps of the application process, along with the Fed and FDIC,” …

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