The US Office of the Comptroller of the Currency (OCC) has denied bunq’s application for a national bank charter, per a decision letter dated 4 August 2026 and reported 7 August 2026, telling the Dutch neobank it needed to offer more insight into its American expansion plans.
Why the OCC Said No
The OCC’s decision letter cited “significant supervisory and compliance concerns,” specifically that bunq:
- Failed to adequately plan for the costs required to compete effectively given its lack of US brand recognition
- Had proposed directors who did not demonstrate a clear understanding of the differences between US and European credit markets and credit risk, despite credit cards being a planned core product
- Proposed a US president/CEO who intended to work part-time and spend most of the year outside the United States
Context
This was bunq’s second attempt at a US national bank charter — it refiled on 7 January 2026 after withdrawing its first application in 2023. Founder and CEO Ali Niknam responded that the OCC “wants to see a plan more specifically built for the US market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure,” and said bunq would “listen, adapt, and keep moving forwards.”
What It Means for Users
bunq’s core EU business — its full Dutch banking licence (DNB regulated, ECB supervised) and EUR 100,000 deposit protection — is unaffected by this US regulatory decision. The rejection only closes off bunq’s US national-charter route for now; it does not change anything for existing EU account holders.
Source: https://www.bloomberg.com/news/articles/2026-08-07/us-banking-regulator-rejects-fintech-bunq-s-charter-application