It took about 13 months from the time that Square got conditional approval for their de nova bank charter until it was fully approved. We are now 14 months from the time SOFI got OCC conditional approval. They are trying 2 ways to get their bank charter: (1) a brand new application and (2) by merging with a small bank that already has a bank charter and ownership being transferred. The second option, which they did to try to speed things up, is not being contested by a board member who is suing and saying that somehow the bank transformed non voting shares into voting shares so that the merger would be approved by the bank.
The board member is suing to get more cash for himself out of the deal.
I'm starting to think that the de nova (brand new) bank charter will come through first and the merger with the small bank will no longer be necessary.
Does anyone think that the new bank charter is moving slowing because we got a different president and that slows things down?$SoFi Technologies Inc.(SOFI)$