SoFi filed the application under the name ‘SoFi Bank, National Association’. The application will be reviewed by the OCC as well as the Federal Deposit Insurance and the Federal Reserve.
By landing a national bank charter not only can fintechs offer banking services to new and existing customers, but they can accept deposits and lend money on those deposits. It also streamlines the fintechs’ regulation requirements. With a national bank charter SoFi will answer to one regulator rather than 50 different state ones.
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