SoFi Technologies Inc.'s application for a national bank charter is aligned with the direction that regulators recently signaled, as the Office of the Comptroller of the Currency is reassessing the approach to regulate financial technology companies, CEO Anthony Noto said at the company's third-quarter earnings call Nov. 10.

Acting Comptroller of the Currency Michael Hsu recently indicated that fintech and cryptocurrency companies seeking a bank charter need to be regulated at a holding company level. A consolidated regulatory framework empowers an agency to oversee all subsidiaries, including the unregulated ones, in order to thoroughly understand their operations and risks, Hsu said Nov. 3 at a fintech conference.

SoFi has applied for the exact type of license that fits Hsu's vision, which is the national bank charter, Noto said. With this charter, SoFi will be supervised by the Federal Reserve or the OCC as a bank holding company, in addition to the Federal Deposit Insurance Corp., the CEO added.

Applying for a national bank charter appears to be a harder approach compared to other specialized licenses catering to industrial loan companies, fintech or cryptocurrency companies, but SoFi is thus far encouraged by the progress in the examination since March, Noto said. SoFi announced in September the acquire of community bank Golden Pacific Bancorp Inc. in a bid to expedite the application for the bank charter.

"So we look forward to finishing this last mile and reaching another milestone for the company that we think will be a huge competitive advantage, especially in light of the comments last week," Noto said.

SoFi posted $277 million in adjusted net revenue for the third quarter, representing 27.6% year-over-year growth. It raised the full-year guidance to between $1.00 billion and $1.01 billion in adjusted net revenue, from $980 million.