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Nubank Wins Conditional U.S. Banking Approval as Regulators Reopen Door to Crypto
Nubank, with 127 million customers, aims to offer deposits, credit, lending and crypto custody under a federal framework after conditional OCC approval.
- On Thursday, Nu , São Paulo-based digital bank, received conditional approval from the U.S. Office of the Comptroller of the Currency to branch in the United States, enabling future deposit accounts, credit cards, lending and digital asset custody.
- U.S. regulators are shifting from enforcement-first oversight to broader supervision of crypto, with the OCC acknowledging 'debanking' as a concern, and Nubank filed its application on Sept. 30.
- Nubank plans U.S. hubs in Miami, the San Francisco Bay Area, northern Virginia and the North Carolina Research Triangle, with Roberto Campos Neto as chairman and Cristina Junqueira leading U.S. operations; regulators require full capitalization within 12 months and bank opening within 18 months.
- Industry advisers say the 121-day conditional approval signals faster timelines for charter applicants, and Nubank's about 127 million customers give it significant scale as it eyes U.S. expansion.
- Next steps require meeting OCC conditions and obtaining approvals from the Federal Deposit Insurance Corporation and the Federal Reserve as Nubank advances, while Dutch neobank Bunq re-applies and U.K. neobank Revolut eyes U.S. charters this month.
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The institution still needs to fulfill several requirements to obtain final approval.
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Nubank Advances U.S. Ambitions With National Banking Approval
Key takeaways Conditional OCC approval clears the path for a U.S. national bank charter Nubank would operate nationwide under a single federal regulator Planned services include deposits, lending, credit cards, and crypto custody The move positions Nubank as a direct competitor to U.S. digital and legacy banks Operating under its parent company Nu Holdings, Nubank plans to launch Nubank, N.A., a federally chartered institution that would allow …
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Total News Sources28
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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