OCC: SoFi’s Application to Establish a National Bank Conditionally Approved

The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association.

The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the application and by the proposed bank’s representatives. The decision to grant preliminary conditional approval was made with the understanding that the proposed bank will apply for Federal Reserve membership and will obtain deposit insurance from the Federal Deposit Insurance Corporation.

The OCC has granted preliminary conditional approval only. Final approval and authorization for the proposed bank to open will not be granted until all preopening requirements are met.

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