Student loan and financial service provider SoFi has received conditional approval from the OCC to create a full service national bank, provided the new entity does 'not engage in any crypto-asset activities or services.' JPRubin23 reports
The student loan and financial service provider cannot "engage in any crypto-asset activities or services," the Office of the Comptroller of the Currency said in a statement.Student loan and financial service provider Social Finance Inc. conditional approval from the Office of the Comptroller of the Currency 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.
“Today’s decision brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act," OCC Acting Comptroller Michael Hsu said in a statement."This levels the playing field and will ensure that SoFi’s deposit and lending activities are conducted safely and soundly, including limiting the bank’s ability to engage in crypto-asset activities.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rams Fans Flooding SoFi Stadium In Preparation For Playoff GameLos Angeles fans are prepared to bring the noise in the first ever playoff showdown at SoFi Stadium, as the Rams prepare to take on the Cardinals.
Read more »
Singapore Looks to Curb Crypto AdsSingapore's central bank, the MAS_sg, has issued guidelines that limit crypto firms from advertising their services to the public. By egreechee
Read more »
Morgan Stanley Says Crypto Markets Are Weakening as Central Banks Look to Tighten.MorganStanley says that crypto markets have been weakening as central banks look to tighten. By willcanny99
Read more »
Opinion | A Politicized Fed Endangers the EconomyFrom WSJopinion: If politicized monetary policy doesn’t prove transitory, it is doubtful the Fed will be able to deliver either stable prices or maximum employment, writes RepHensarling
Read more »
UK Chancellor: Crypto Can Provide New Opportunities, But There's a CatchRishi Sunak believes cryptocurrencies provide new opportunities, but misleading ads can put UK customers at risk.
Read more »
Spain Targets Crypto Influencers with Tough New Rules | CoinMarketCapSpain has introduced tough new rules surrounding crypto ads and promotions 🇪🇸 Influencers who are paid for promoting projects will be particularly affected 👀
Read more »