Body of Law:
As noted by Acting Comptroller Hsu, this approval represents one of the first approvals bringing a large FinTech company within the federal regulatory perimeter, and the first full-purpose (i.e., insured deposit-taking) national bank charter for a FinTech. The OCC's conditional order also included a condition that the bank will not engage in any crypto-asset activities or services for the three years the Operating Agreement will be in effect unless it has received prior written determination of no supervisory objection from the OCC under the procedures set out in the Operating Agreement. This is in essence a requirement the OCC makes of all national banks since it issued interpretive letter 1179 in November of 2021. Thus the crypto-asset activities already engaged in by SoFi will need to remain at the parent company.
