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Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

Published 10/28/2020, 04:55 PM
Updated 10/28/2020, 06:40 PM
Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States.

The OCC is the office of the U.S. 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.

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