The Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States.
It has been reported that the OCC is the office of the US Treasury that regulates federal banks throughout the country. SoFi, which stands for Social Finance, is a fintech startup that has historically provided loans and refinancing services. In 2019, the firm launched crypto trading, and last December, the New York Department of Financial Services granted SoFi a coveted BitLicense.
However, this new license will enable the firm to offer a wider range of services.
The firm announced that it was also releasing a credit card with cashback rewards that paid down personal and student debt.
Loan refinancer and BitLiscensee SoFi is clear to launch a national bank in the US: The new bank will be subject to heightened scrutiny from the OCC for at least three years. In an announcement on We… https://t.co/TX08q6qESI — Bitcoin News (@bitcoin_now) October 28, 2020
Likewise, for its part, the OCC makes clear that SoFi Bank must clear certain hurdles for its charter to leave conditional status. Initial capital will be $550 million, of which the OCC requires 30% to be in cash.
Thus, the OCC could not be reached for comment as of publication time.
Source: Cointelegraph