SoFi Clears Initial OCC Hurdle In Quest To Launch Bank

Law360 (October 28, 2020, 9:33 PM EDT) -- The Office of the Comptroller of the Currency said Wednesday that it has granted conditional approval to Social Finance Inc.'s application for a full-service national bank charter, moving the online lender one step closer to launching SoFi Bank NA.

The OCC said it made its decision to tentatively sign off on the California-based fintech's application with the understanding that SoFi Bank will seek membership in the Federal Reserve System and become insured by the Federal Deposit Insurance Corp. The bank, which will be based in Utah, must also complete other organizational steps and get final approval from the OCC before it...

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