Regulatory Alerts2026-01-29 | Conditional Approval 1362Added
Conditional Approval 1362 — Application to Charter Nubank, National Association, McLean, Virginia
The Office of the Comptroller of the Currency grants preliminary conditional approval for Nu Holding, Ltd. to charter Nubank, National Association, subject to meeting all preopening requirements and obtaining favorable actions from the Federal Reserve and FDIC. The bank must maintain a tier 1 leverage ratio of no less than 11.0 percent for its first three years, provide at least sixty days' prior notice for significant operational deviations, and submit a CRA Strategic Plan at least 90 days before opening. Initial capital must be no less than $504 million, and the approval expires if the bank does not open within 18 months. The OCC also waives residency and citizenship requirements for four and two directors, respectively.