Brazil’s Nubank Wins OCC Conditional Approval for U.S. National Bank

Core Insights - The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved Nubank to establish a national bank, which may enable regulated crypto custody services in the U.S. [1] - Nubank has met the OCC's capitalization, governance, and supervisory requirements and has received authorizations from the FDIC and the Federal Reserve [2] - The approval allows Nubank to operate as a federally regulated national bank, providing a full range of banking and crypto services [3][4] Group 1 - Nubank's national bank charter will enable it to offer deposit accounts, credit card products, lending products, and digital asset custody directly to U.S. customers [3] - The company has a timeline of 12 months to fully capitalize the institution and 18 months to launch the bank [2] - Nubank aims to be one of the first major consumer-oriented digital banks to provide both traditional banking and crypto services under a single federal license [5] Group 2 - The U.S. entity will be led by co-founder Cristina Junqueira, with Roberto Campos Neto as board chairman [6] - Nubank, established in 2013 and based in São Paulo, has become one of the largest digital financial service providers globally, serving over 127 million customers across Brazil, Mexico, and Colombia [6] - It is the largest privately held financial organization in Brazil by customer count and has been publicly listed on the New York Stock Exchange since 2021 [7]