In a formal letter dated August 4, the OCC pointed to significant supervisory and compliance concerns regarding Bunq’s business model. Regulators raised specific doubts about the company’s ability to maintain safety and profitability within the crowded U.S. financial landscape. Bunq’s spokesperson acknowledged the setback, noting that the agency requires a more localized strategy and deeper proof of operational readiness for the specific products intended for the market.
US Regulator Blocks Dutch Fintech Bunq from National Banking Market
The Office of the Comptroller of the Currency has denied Bunq’s application for a national bank charter, stalling the Dutch fintech’s aggressive expansion into the United States. The regulator cited fundamental gaps in the firm’s proposed financial structure and management’s lack of experience with American consumer credit products.
This rejection marks the second failed attempt for the Amsterdam-based firm, which withdrew a previous application earlier this year. While Bunq successfully secured a FINRA-approved broker-dealer license in 2025 to offer investment services, the full banking charter remains elusive. The decision follows a similar move by the OCC last month, when regulators rejected a trust bank application from Wise, citing comparable compliance hurdles. Despite the current impasse, Bunq leadership maintains that it intends to address the regulator's feedback and resubmit its application.
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