SoFi Can Launch Bank Provided It Doesn't Touch Crypto

SoFi Can Launch Bank Provided It Doesn't Touch Crypto
Student loan and financial service 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, provided the new entity does “not engage in any crypto-asset activities or services,” the OCC announced on Tuesday. The approval accounts for SoFi Bank, National Association’s (SoFiBank, N.A.) acquisition of Golden Pacific Bank, National Association, an FDIC-insured national bank. SoFiBank, N.A., which will have its headquarters in Cottonwood Heights, Utah, will also have to meet certain capital contribution requirements and adhere to an operating agreement, the agency said. “Today’s…