SoFi Bank, National Association
Cottonwood Heights, Utah
In January 2022, the OCC granted SoFi a conditional national bank charter, making it one of the first major consumer fintech companies to receive a full banking license. The approval subjected SoFi Bank to direct OCC supervision including safety and soundness examinations. Conditions included restrictions on cryptocurrency-related activities and requirements to maintain safe deposit and lending practices. This represented a significant regulatory milestone for the BaaS and fintech-bank landscape, as it shifted SoFi from relying on bank partners to operating under its own charter. The move had implications for other fintechs considering whether to obtain their own charters versus continuing bank-fintech partnership models.
Verified from source: The OCC conditionally approved SoFi's national bank charter, requiring specific capital contributions, adherence to an Operating Agreement, and confirmation that the bank will not engage in any crypto-asset activities or services. The approval brought SoFi under full federal bank supervision.
- Sets precedent for large fintechs obtaining their own bank charters rather than relying on BaaS sponsor banks
- Signals OCC willingness to charter fintech-native companies with conditions on novel activities like crypto
- May reduce demand for BaaS partnerships from well-capitalized fintechs seeking direct regulatory relationships
- OfficialOCC News Release NR 2022-4