RegAlert2026-09-25 | Corporate Decision 1394Added
Corporate Decision 1394 — Application to charter Mission Lane Bank, National Association, Richmond, VA
The Office of the Comptroller of the Currency grants preliminary conditional approval for Mission Lane Bank, National Association to operate as a de novo national credit card bank in Richmond, Virginia, subject to specific conditions and preopening requirements. The Bank must maintain a tier 1 leverage ratio of no less than 11.0 percent for its first three years, hold initial paid-in capital of at least $35 million, and obtain deposit insurance from the Federal Deposit Insurance Corporation. Final authorization to open is contingent upon meeting all preopening requirements, including independent audits, security reviews, and prior written no-objection determinations for senior officers and significant operational deviations. The approval expires if capital is not raised within 12 months or the Bank does not open for business within 18 months.
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Chartering, Organization and Structure
Corporate Decision #1394
September 2026
September 25, 2026 Via encrypted email
Organizer
1504 Belleville Street
Richmond, VA 23230
Re: Application to Charter Mission Lane Bank, National Association, Richmond, VA (Proposed) and Request for Residency Waivers OCC Control Number 2026-Charter-345679 OCC Control Number 2026-Waiver-347602 Proposed Charter Number 27205 Dear Mr. Goldstein, The Office of the Comptroller of the Currency (OCC) has reviewed your application to establish a new national credit card bank with the title of Mission Lane Bank, National Association (the Bank) that will operate under the limitations established for credit card banks under the Competitive Equality Banking Act of 1987 (CEBA). 1 The OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements. Your request for residency waivers is also approved. This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Bank’s representatives. The OCC has also made its decision to grant preliminary conditional approval with the understanding that the Bank will apply for stock in a Federal Reserve Bank in accordance with 12 USC 222 2 and will obtain deposit insurance from the Federal Deposit Insurance Corporation (FDIC). The OCC has granted preliminary conditional approval only. Final approval and authorization pursuant to 12 USC 27(a) for the Bank to open will not be granted until all Pub. L. 100-86, 101 Stat. 552 (Aug. 10, 1987). Section of 101(a)(1) of CEBA amended section 2 of the Bank Holding Company Act to exclude certain credit-card banks from the definition of “bank.” See Pub. L. No. 100-86, § 101(a)(1), 101 Stat. 552, 554–56 (1987) (codified as amended at 12 U.S.C. § 1841(c)(2)(F)). To qualify for this exception, an institution must: (1) engage only in credit-card operations; (2) not accept demand deposits, or deposits withdrawable by check or similar means for payments to third parties; (3) not accept savings or time deposits of less than $100,000; (4) maintain only one office that accepts deposits; and (5) not make commercial loans, other than certain credit-card loans to small businesses. 12 USC 1841(c)(2)(F). 2 See also 12 CFR 209.2.
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Source: Office of the Comptroller of the Currency — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works