The Office of the Comptroller of the Currency (OCC), the US federal regulator responsible for chartering and supervising national banks, has turned down an application from Netherlands-based fintech Bunq to obtain a national bank charter in the US. The decision marks a further setback in Bunq's efforts to establish a licensed banking presence in the country.
Regulatory concerns cited
In a letter dated 4 August 2026, the OCC said its denial stemmed from significant supervisory and compliance concerns. According to the regulator, Bunq's application did not clearly explain how the bank would be capitalised in the US. Moreover, per the announcement published by the Reuters, the OCC also raised doubts about the experience of Bunq's management team with unsecured credit cards, as well as the company's ability to operate safely and generate a profit in the competitive US banking market.
A Bunq spokesperson said that the OCC wants to see a plan built more specifically for the US market, with greater demonstrated experience in the products the company intends to offer, along with more detail on its financial structure. Bunq said it intends to address the regulator's concerns and continue pursuing a banking presence in the US.
This is not Bunq's first attempt to secure a US charter. The company withdrew an earlier application at the start of 2024 before reapplying in January 2026. In the interim, Bunq secured a broker-dealer licence approved by the Financial Industry Regulatory Authority (FINRA) in 2025, which allows it to offer investment products to US customers. The company had hoped to follow that licence with a full national banking charter, which would have allowed it to accept deposits and expand its product range in the country.
Wider regulatory pattern
Bunq's rejection follows a similar decision by the OCC in July 2026, when the regulator denied Wise's application to become a national trust bank, also citing supervisory and compliance concerns. Wise has said it plans to submit a new application. The two rejections, occurring within weeks of each other, point to a more cautious approach by the OCC towards fintech applicants seeking national charters, with particular scrutiny placed on capitalisation plans and management experience in regulated banking products.
For Bunq, the setback delays its ambitions to operate as a directly licensed bank in the US, a market it has targeted as part of its international expansion alongside its existing operations in the EU. The company has not indicated a timeline for a renewed application.
