US regulator rejects Dutch fintech Bunq's application for national bank charter

Aug 7 : Dutch fintech Bunq said on Friday that the U.S. Office of the Comptroller of the Currency (OCC) had rejected its application for a national bank charter, dealing a setback to the company's plans to expand its banking operations into the United States.• "The OCC wants to see a plan more specifically built for the U.S. market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure," a Bunq spokesperson told Reuters in a statement.• The OCC, in a letter dated August 4, said its denial was owing to "significant supervisory and compliance concerns".• The OCC said the application did not clearly explain how Bunq would be capitalized in the United States and raised doubts about management's experience with unsecured credit cards, as we