The US Office of the Comptroller of the Currency has rejected Dutch fintech Bunq's application for a national bank charter, citing significant supervisory and compliance concerns, according to a denial letter dated 4 August 2026. The decision, first reported publicly on 7 August 2026, marks a significant setback for one of Europe's largest challenger banks in its ambitions to establish a regulated presence in the United States.
In its letter, the OCC pointed to concerns including how Bunq would be capitalised in the US and questions over management experience with unsecured credit cards. The agency also questioned whether Bunq could achieve and maintain profitability in the competitive US market.
REAPPLICATION FALLS SHORT
Bunq had reapplied for a US bank charter in January 2026, after withdrawing an earlier application in early 2024. The renewed application followed the Amsterdam-based challenger bank's receipt of a FINRA-approved broker-dealer licence in 2025.
The denial came even as the OCC has approved multiple other fintech charter requests, American Banker reported. The OCC's letter said the application did not demonstrate that the proposed bank would have organisers aware of and understanding national banking laws and regulations, and safe and sound banking operations.
On capital, the OCC said Bunq cited different sources and amounts during the review without providing sufficient evidence that the funds would be available. It also said Bunq relied on European delinquency projections when estimating losses on a US unsecured credit-card portfolio.
WISE ALSO REJECTED LAST MONTH
The Bunq decision comes weeks after the OCC rejected Wise's application to become a national trust bank, citing supervisory and compliance concerns including anti-money-laundering shortcomings and the proposed directors' and executives' limited AML and fiduciary experience.
Bunq has built a European retail deposit and payments franchise from its Dutch base and has expressed a longer-term ambition to serve customers in the US. Bunq said 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", and that it plans to address the concerns and resubmit.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn