Student lender SoFi applies for a bank charter [Reuters]
Block, Inc. Class A, (SQ)
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Source: Reuters
Student lender SoFi applies for a bank charter NEW YORK, July 9 (Reuters) - Student lender Social Finance Inc has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency, the company said on Thursday. A banking license would enable the company to hold customer deposits and make loans, without having to rely on a bank partner as it currently does. “We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services,” said SoFi Chief Executive Anthony Noto. The application for “SoFi Bank, National Association”, will be reviewed by the OCC, the Federal Reserve and the Federal Deposit Insurance Corporation, a spokeswoman said in a statement. SoFi, one of the most well-funded financial technology companies in the United States, grew fast after the Great Recession by refinancing at cheaper rates student loans for strapped-but-promising graduates. The
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