Nu Holdings (NYSE: NU), the parent company of Latin American fintech giant Nubank, has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to charter a national bank in the United States. The regulatory nod allows the firm to proceed with "Nubank, N.A.," a dedicated US subsidiary that plans to offer deposit accounts, credit cards, and direct digital asset custody.
The Regulatory Receipt
The OCC approval imposes a strict timeline. Nu has entered the "bank organization phase," giving it 12 months to fully capitalize the institution and 18 months to open its doors. Unlike state-chartered trusts or money transmitter licenses held by many crypto-adjacent firms, a full national trust bank charter grants Nu direct access to the Federal Reserve payments system and preemption over many state-level banking laws.
Co-founder Cristina Junqueira has relocated to Miami to lead the US expansion. Former Central Bank of Brazil President Roberto Campos Neto will serve as Chairman of the Board, signaling a heavy emphasis on regulatory compliance from day one.
Crypto Custody in Focus
The charter specifically authorizes Nubank, N.A. to provide digital asset custody alongside traditional lending. This places Nu in a rare cohort of federally chartered banks with explicit approval to handle crypto assets, a capability that US incumbents have historically struggled to operationalize under scrutiny from the SEC and FDIC.
"This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally," said David Vélez, founder and CEO of Nu Holdings.
Market Reaction & Context
Despite the regulatory win, NU shares slid 5.3% to $17.75 in recent trading, mirroring a broader cool-off in fintech equities. The company currently commands an $85 billion market cap, serving 127 million customers across Brazil, Mexico, and Colombia.
Nu’s entry into the US market contrasts with the retreat of other challengers. UK-based Monzo withdrew its US banking application in 2021 before re-filing, while Revolut has faced prolonged delays in securing similar status. Nu must still secure final sign-offs from the FDIC and the Federal Reserve before operations commence.
