U.S. OCC approves SoFi rollout for banks

Student loan and financial services provider Social Finance Inc. (SoFi) has received conditional approval from the Office of the Comptroller of the Currency (OCC) to create a full-service national bank, subject to a new entity, the Office of the Comptroller of the Currency (OCC) announced Tuesday. "Do not engage in any crypto asset activities or services". "Today's decision brings SoFi, a large fintech company, under the purview of the Commonwealth Bank, where it will be subject to comprehensive oversight and comprehensive banking regulations, including Community Reinvestment," OCC Acting Supervisor Michael Hsu said in a statement. Law". This provides us with a level playing field and will ensure that SoFi's deposit and lending activities are conducted in a safe and sound manner, including limiting the bank's ability to engage in crypto-asset activities. In October 2020, the OCC gave preliminary approval to SoFi to establish a national bank, pending a full assessment of all available information. It is reported that SoFi is a digital asset trading subsidiary.