Nubank receives OCC approval for U.S. bank and crypto services

Nubank gains conditional OCC approval to launch a U.S. national bank, allowing it to offer credit, deposits, loans, and digital asset custody, advancing its U.S. expansion.

Nubank, operating under Nu Holdings, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States, named Nubank, NA. This approval enables Nubank to operate under a single federal banking charter, eliminating the need for multiple state licenses. With this charter, Nubank can offer a wide range of financial services, including credit cards, deposit accounts, loans, and digital asset custody. The company is currently in the bank organization phase and must meet specific OCC requirements, as well as secure final approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. Upon receiving all necessary approvals, Nubank plans to capitalize the institution within 12 months and launch operations within 18 months. This milestone marks a significant step in Nubank’s strategy to expand its presence and product offerings in the U.S. market, positioning it to compete with established banks and digital-first challengers.