Nubank Wins Conditional U.S. Charter Approval, Starting An 18-Month Race

Key Points

• Nubank has conditional approval to form a U.S. national bank, but it still cannot operate.
• The next gates are the Fed and the FDIC, plus strict deadlines to fund and launch the new bank.
• Roberto Campos Neto will chair the board, and co-founder Cristina Junqueira is set to lead the U.S. buildout.

Nubank has taken a rare step for a Latin American fintech: it has won an initial, conditional green light from the U.S. Office of the Comptroller of the Currency to create a national bank called Nubank, N.A. It is a milestone that sounds final, but it is not.

Think of it as permission to start building the bank’s skeleton, not to open the doors. The “story behind the story” is about legitimacy. Fintechs can grow fast with partners, branding, and clever apps.

A U.S. bank charter is different. It is a credibility exam run by regulators who do not grade on hype. Nubank filed its charter application on September 30, 2025, seeking a de novo bank, built from scratch.

That path usually comes with extra scrutiny in the early years. Now come the hardest steps. Nubank still needs deposit insurance approval from the FDIC and must complete required approvals involving the Federal Reserve.

Regulators also expect the bank to be fully capitalized within 12 months and opened within 18 months. In plain terms, Nubank must show real money, real controls, and real resilience, quickly.

Nubank Seeks U.S. Banking License

The filing says Nu Holdings will own 100% of the new bank and place it in McLean, Virginia, with a digital consumer model aimed at the U.S. market.

Nubank says a full license would allow deposits, credit cards, loans, and custody of digital assets under a federal framework. The group has also pointed to operating hubs, including Miami and Northern Virginia.

Personnel is part of the pitch. Roberto Campos Neto, former head of Brazil’s central bank, is slated to chair the board. Cristina Junqueira is positioned as the proposed CEO leading the U.S. effort.

The OCC materials list proposed directors including Brian Brooks and Kelley Morrell, and note waiver requests tied to board citizenship and residency rules.

This move also fits Nubank’s wider licensing push. The firm has said it plans to pursue a banking license in Brazil in 2026.

In Mexico, it received authorization to organize as a bank in April 2025 and still awaits final approval to operate fully. With roughly 112 million customers in Brazil, Nubank is trying to prove it can pair scale with strict governance.

Related coverage: Brazil’s Morning Call | Brazil’s Job Creation Hits Its Weakest Year Since 2020 This is part of The Rio Times’ daily coverage of Brazil affairs and Latin American financial news.