US regulator rejects Bunq’s bid for national bank charter over compliance concerns
The Office of the Comptroller of the Currency denied the application on August 4, pointing to insufficient product experience and unclear financial structures, though Bunq intends to continue its pursuit of a US banking presence.
The US Office of the Comptroller of the Currency (OCC) has rejected Dutch fintech Bunq’s application for a national bank charter, dealing a significant setback to the company’s ambitions to expand its banking operations within the United States. In a letter dated August 4, the regulator cited significant supervisory and compliance concerns as the primary drivers for the denial.
According to the OCC, the application lacked a plan sufficiently tailored to the US market, with insufficient demonstrated experience in the specific products Bunq intends to offer. The regulator also expressed doubts regarding management’s experience with unsecured credit cards and questioned the firm’s ability to operate safely and profitably in the competitive US landscape.
Further scrutiny was directed at Bunq’s proposed financial architecture. The OCC noted that the application did not clearly explain how the firm would be capitalized in the United States, leaving critical details regarding its financial structure and capitalisation unclear to the supervisory body.
Bunq confirmed the rejection on Friday and stated it plans to address the regulator’s concerns while continuing to pursue a US banking presence. A company spokesperson told Reuters that the OCC requires a plan more specifically built for the US market, greater demonstrated experience in the desired products, and more detail on the financial structure.
This decision follows a pattern of regulatory caution toward fintech entrants. Last month, the OCC rejected Wise’s application to become a national trust bank, citing similar supervisory and compliance concerns. Wise has indicated it plans to submit a new application to the regulator.
Bunq’s journey to secure a US charter has been iterative. The Dutch fintech firm withdrew an initial application at the start of 2024 before reapplying in January. In 2025, the company secured a FINRA-approved broker-dealer licence, allowing it to offer investment products in the US, a move it had hoped would precede a full banking licence.
