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SoFi to drop bank charter application

Social Finance Inc. is pulling its application to open a de novo bank, SoFi Bank, The Wall Street Journal reported.

A SoFi spokesman said in a statement that the decision was related to transitions in its leadership. The lender's CEO has recently departed.

The spokesman added that a bank charter is still an option for SoFi and that SoFi still plans to offer its own deposit accounts to its customers through partner banks.