US Regulator Rejects Dutch Fintech Bunq's Application for National Bank Charter

Dutch fintech firm Bunq has suffered a setback in its expansion plans after the U.S. Office of the Comptroller of the Currency (OCC) rejected its application for a national bank charter. The decision marks a significant hurdle for the company's ambitions to establish banking operations within the United States.

In a letter dated August 4, the OCC stated that the denial was due to "significant supervisory and compliance concerns." Specifically, the regulator questioned how Bunq would be capitalized in the U.S., raised doubts about the management's experience with unsecured credit cards, and expressed skepticism about the bank's capacity to operate safely and profitably in the competitive American market.

Despite the rejection, Bunq remains determined to pursue a U.S. banking presence. A spokesperson for the company indicated that they plan to address the OCC's concerns and will continue to work towards obtaining the necessary charter. This is not the first time a fintech has faced such challenges; the OCC recently rejected Wise's application for a national trust bank charter, citing similar issues.

Bunq had previously reapplied for the U.S. bank charter in January, after withdrawing an earlier application at the beginning of 2024. The company had secured a FINRA-approved broker-dealer license in 2025, enabling it to offer investment products in the U.S., and had hoped to follow this with a full banking license. The OCC's decision underscores the stringent regulatory environment for foreign fintechs seeking to enter the U.S. banking sector.

“

The OCC wants to see a plan more specifically built for the U.S. market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure