OCC Rejects Bunq Application for U.S. National Bank Charter

The Office of the Comptroller of the Currency rejected an application from Dutch fintech firm Bunq for a national bank charter. In a letter dated August 4, the regulator cited significant supervisory and compliance concerns, specifically questioning the firm's capitalization plan and the experience of its management regarding unsecured credit cards. The regulator also expressed doubt about Bunq's ability to maintain profitability within the competitive United States market.

Bunq had reapplied for the charter in January after withdrawing a previous attempt in early 2024. Despite the rejection, the company intends to address the regulator's concerns to continue its pursuit of a U.S. banking presence. Bunq currently maintains a FINRA-approved broker-dealer license, allowing it to offer investment products in the U.S.

This decision follows a pattern of regulatory scrutiny for international fintechs, as the regulator also rejected an application from Wise to become a national trust bank last month.