The US Office of the Comptroller of the Currency (OCC) has rejected Dutch fintech firm Bunq’s application for a national bank charter, citing significant supervisory and compliance concerns.
Expansion Plans
Bunq had reapplied for a US bank charter in January after withdrawing an earlier application at the start of 2024. The company had hoped to expand its banking operations into the United States, but the OCC’s denial has dealt a setback to these plans.
A Bunq spokesperson stated that the OCC wants to see a plan more specifically built for the US market, with greater demonstrated experience in the products they want to offer, and detail on their financial structure.
The OCC’s denial was due to concerns about Bunq’s ability to operate safely and turn a profit in the competitive US market, as well as doubts about management’s experience with unsecured credit cards.
Bunq has secured a FINRA-approved broker-dealer licence in 2025, allowing it to offer investment products in the US. The company plans to address the regulator’s concerns and continue pursuing a US banking presence.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
