Brazil’s Nubank gets conditional approval to establish US national bank
Brazil's Nubank received conditional OCC approval to form a US national trust bank, Nubank, N.A.Summary
Nu, Brazil's largest digital bank, has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank named Nubank, N.A. This conditional approval allows Nu to begin the organizational phase, but full operations require satisfying OCC conditions, obtaining FDIC deposit insurance, and receiving Federal Reserve clearance. Regulators mandate full capitalization within 12 months and opening within 18 months. Founder and CEO David Vélez stated this step validates their digital-first strategy for global financial services and allows them to build the next generation of banking in the US, alongside their core markets in Brazil, Mexico, and Colombia. The US arm will be led by co-founder Cristina Junqueira, with former Central Bank of Brazil President Roberto Campos Neto as Chairman. Nu plans to establish US hubs in Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.
(Source：Crypto Briefing)