OCC Denies Bunq's U.S. Bank Charter Bid

The Office of the Comptroller of the Currency has denied Bunq's application for a U.S. federal banking charter, citing the submission as insufficient. The decision, dated Thursday, blocks the Dutch digital bank's immediate path to operating as a federally chartered institution in the United States.

Bunq, an online bank based in the Netherlands, was seeking to expand its services to the U.S. market. The OCC's announcement did not detail the specific gaps in the application, but the regulator's assessment suggests the company failed to fully satisfy the legal and financial thresholds required for a charter.

The denial comes as the OCC continues to maintain a cautious approach toward non-traditional financial firms, including fintech companies, applying for bank charters. Applicants must demonstrate robust business plans, capital adequacy, and strong risk management, along with a commitment to complying with U.S. banking and anti-money-laundering rules.

While this decision ends the current bid, Bunq could potentially reapply after revising its proposal. For now, the company's U.S. expansion remains on hold, and it has not yet commented on whether it will attempt to address the regulator's concerns.