Powered by

SoFi outlines plans for bank subsidiary in FDIC application

Jun 16, 2017 - SNL Financial

Social Finance Inc. filed an application with the Federal Deposit Insurance Corp. on June 6, revealing details on its plans for an industrial bank chartered by the state of Utah.

As a wholly owned subsidiary of SoFi, SoFi Bank would offer FDIC-insured negotiable order of withdrawal accounts and a credit card product. The bank would be online only, with no branches or deposit-taking ATMs.

The proposed bank would be headquartered in Salt Lake City, though some operations would be condu...