Nubank wins conditional US approval to form national bank

The conditional approval moves the Latin American fintech into the bank organization phase as it seeks to expand regulated banking and crypto services in the United States.

Nubank has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to form a national bank, a step that allows the fintech to offer deposits, lending, credit cards and digital asset custody in the United States.

The approval moves Nubank into the bank organization phase, during which it must meet capitalization and supervisory conditions and secure additional approvals from the Federal Deposit Insurance Corporation and the Federal Reserve before launching operations.

According to a company announcement on Friday, the US bank will be led by co-founder Cristina Junqueira, with former Central Bank of Brazil president Roberto Campos Neto serving as board chair. Nubank said it aims to fully capitalize and open the bank within 18 months, subject to regulatory approval.

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