Enter Currency Charter For Free

Serving a bank in the U.S. Different states have different laws governing acceptable methods of service, but generally speaking, the most surefire way to serve a U.S. bank is to serve them through their agent for service of process.

A financial institution that wants to become a bank, trust, savings institution, or credit union can apply for a charter at the state or federal level from a banking regulator. At the federal level, the Office of the Comptroller of the Currency (OCC) grants charters.

Chartered bank specifics vary from country to country. However, in general, a chartered bank in operation has obtained a form of government permission to do business in the financial services industry. A chartered bank is often associated with a commercial bank.

Operating through a bank charter also provides access to the payments system operated by the Board of Governors of the Federal Reserve System (Federal Reserve) and access to wholesale funding, such as the Federal Reserve discount window, Federal Home Loan Bank advances, and the federal funds market.

Any person desiring to establish a national bank or a Federal savings association must submit an application and obtain prior OCC approval. An existing national bank or Federal savings association desiring to change the purpose of its charter must submit an application and obtain prior OCC approval.

Applying for a Bank Charter The proposed bank must first receive approval for a federal or state banking charter. Before granting a charter, the chartering regulator must determine that the applicant bank has a reasonable chance for success and will operate in a safe and sound manner.

A commercial bank whose charter is approved by the Office of the Comptroller of the Currency (OCC) rather than by a state banking agency. National banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.

Obtaining a bank charter can be challenging and requires significant resources and energy. There are considerable advantages for Fintechs willing to complete the application process, however.

Chartered bank specifics vary from country to country. However, in general, a chartered bank in operation has obtained a form of government permission to do business in the financial services industry. A chartered bank is often associated with a commercial bank.

SoFi has been granted approval by federal regulators to become a national bank. The fintech company began as a student loan refinance company, but has expanded to other lending and banking products in recent years. SoFi believes the charter will help the company expand its products and services.