Student loan and financial service provider SoFi has received conditional approval from the OCC to create a full service national bank, provided the new entity does 'not engage in any crypto-asset activities or services.' JPRubin23 reports
The student loan and financial service provider cannot "engage in any crypto-asset activities or services," the Office of the Comptroller of the Currency said in a statement.Student loan and financial service provider Social Finance Inc. conditional approval from the Office of the Comptroller of the Currency to create a full service national bank, provided the new entity does"not engage in any crypto-asset activities or services," the OCC announced on Tuesday.
“Today’s decision brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act," OCC Acting Comptroller Michael Hsu said in a statement."This levels the playing field and will ensure that SoFi’s deposit and lending activities are conducted safely and soundly, including limiting the bank’s ability to engage in crypto-asset activities.
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