Usa Digital regulation Nov banking Usa

Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline

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Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov.

21 to federal officials and to Anthony Noto, president of SoFi Technology. They expressed concern about the online bank’s efforts to conform to Federal Reserve Board requirements and nonbank digital asset trading activities conducted through SoFi Digital Assets.In the letter to Noto, Sherrod, along with Sens.

Jack Reed, Chris Van Hollen and Tina Smith, notes that the Federal Reserve had said that SoFi “is currently engaged in crypto-asset related activities that the Board has not found to be permissible” for a bank holding company (BHC) or financial holding company (FHC).

The Federal Reserve granted SoFi the status of financial holding company after its purchase of bank holding company Gold Pacific Bancorp at the beginning of the year.

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