Blockchain Startup Figure Inquires State Bank Charter

by in Blockchain News

Figure Inquires State Bank Charter

Bloomberg announced that Figure Technologies, the blockchain lending company founded by former SoFi CEO Mark Cagney, pursues a national bank license. The firm is investigating a national bank charter admitted by the Office of the Comptroller of the Currency. The assignment would lessen the company’s requirement for a multiple individual state licenses, enabling higher efficiency in lending to customers.

If Friday’s request is approved, the firm will be able to trade a more large-scale set of consumer items generally, at the same time adjusting its yielding attempts on the conditions of a single regulator.

Cagney, the previous CEO of Social Finance Inc. announced that it will lower the price of providing the goods to those vulnerable by the economic division, allowing the buyer to develop a credit report and become an integrated prime borrower.

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It's still a question if Figure will manage to get the bank charter or not. There are some legal difficulties from government authorities, which think that companies that don't accept deposits in the traditional way shouldn't get charters. As Bloomberg informed, last week the OCC granted provisional approval to Cagney's old startup, the goal of which is to form a national bank.