Regulatory Alerts2026-07-23 | Corporate Decision 1382Added
Corporate Decision 1382 — Preliminary Conditional Approval to Charter Upstart Bank, National Association
The Office of the Comptroller of the Currency grants preliminary conditional approval for the charter of Upstart Bank, National Association, a wholly owned subsidiary of Upstart Holdings, Inc., and conditionally approves residency waivers for five directors and a citizenship waiver for one director. The bank must maintain a tier 1 leverage ratio of at least 12.0 percent and a total risk-based capital ratio of at least 15.0 percent during its first three years of operation, with initial paid-in capital no less than $404.1 million. Final approval is contingent upon meeting preopening requirements, including independent audits, fidelity bond coverage, and submission of a 60-day notice prior to opening; failure to open within 18 months or raise capital within 12 months will cause this approval to expire.