US regulator rejects Bunq's bid for a national bank charter
Dutch fintech Bunq said on Friday that the US Office of the Comptroller of the Currency (OCC) had rejected its application for a national bank charter, blocking its plan to expand banking operations into the United States.
In a letter dated August 4, the OCC cited "significant supervisory and compliance concerns." It said the application did not clearly explain how Bunq would be capitalised in the US and raised doubts about management's experience with unsecured credit cards.
The regulator also questioned whether the bank could operate safely and turn a profit in a competitive US market.
A national charter would let Bunq offer a broader range of banking services directly to US customers. It secured a FINRA-approved broker-dealer licence in 2025, allowing it to offer investment products, and had hoped a full banking licence would follow.
Bunq reapplied in January after withdrawing an earlier application at the start of 2024. This is not its first setback: it landed the first greenfield European banking licence in 35 years back in 2014.
Bunq plans to address the regulator's concerns and keep pursuing a US presence. "The OCC wants to see a plan more specifically built for the US market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure," a spokesperson said.
The signal: Bunq is not alone. Last month, the OCC rejected Wise's application to become a national trust bank, also citing supervisory and compliance concerns — a sign that US regulators are setting a high bar for foreign fintechs seeking bank charters.
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