The Office of the Comptroller of the Currency granted conditional approval for Social Finance (SoFi) to establish a full-service national bank titled SoFi Bank, National Association.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.
Like many of its fintech competitors, the San Francisco-based company has been broadening the types of financial products it offers to members including stock trading and cash management accounts, Reuters reported.