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Nubank Obtained Conditional OCC Approval to Operate as a Bank in the United States, Creating Nubank N.A., and Promises to Maintain Focus on Brazil, Mexico, and Colombia; Cristina Junqueira Leads the Operation and Roberto Campos Neto Chairs the Board, While FDIC and Reserve Assess Capitalization in 12 Months and Opening in 18.
The Nubank announced on Thursday, January 29, 2026, that it received conditional approval from the U.S. regulatory agency to operate as a bank in the country. The authorization came from the Office of the Comptroller of the Currency, OCC, and paves the way for the creation of a national bank called Nubank, N.A., according to information attributed to Reuters in São Paulo.
The decision marks a formal stage of the company’s international strategy, but the company claims that the expansion in the United States does not alter its focus on the main markets in Latin America. The plan, according to executives, combines regulatory schedule, governance structure, and deployment through hubs in different regions of the U.S. territory.
What OCC Approval Allows and Which Services are Included in the Plan
The conditional approval from the OCC was granted for the creation of Nubank, N.A..
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With a full license, the company claims it will be able to offer deposit accounts, credit cards, loans, and digital asset custody in the U.S. market.
The founder and chief executive, David Vélez, stated in a statement that the approval represents an advancement of the international strategy.
In his assessment, the digital and customer-centric model is an applicable thesis for financial services worldwide, and the regulatory stage in the United States serves as a showcase for this approach.
The Focus on Latin America and the Message for Brazil, Mexico, and Colombia
Despite the progress in the United States, Nubank stated that it remains “fully focused” on its main markets, listed as Brazil, Mexico, and Colombia.
The position was reiterated by Vélez, who said that the move in the U.S. does not change regional priority, but allows for the construction of a next generation of banking services in American territory.
The company thus maintains two simultaneous fronts: operational continuity and expansion where it is already dominant in Latin America, and the construction of a new regulated operation in the United States, under federal rules and additional approval stages.
Who Leads the Operation in the U.S. and How Governance is Structured
The operation in the United States will be led by co-founder Cristina Junqueira, who moved to the country to oversee the business development.
In the governance structure, the text states that the former president of the Central Bank of Brazil Roberto Campos Neto will be the chairman of the board.
Junqueira stated that receiving federal approval for a national bank license is a significant step in the journey to become a solid and competitive regulated institution in the U.S., reinforcing the focus on consolidation, compliance, and the capacity to compete within a stricter regulatory framework.
What is Still Needed: FDIC, Reserve and the Bank’s Organizational Phase
With the conditional license, Nubank enters a phase called organization of the new bank.
During this period, it still needs to obtain approvals from other authorities, cited as the Federal Deposit Insurance Corporation, FDIC, and the Reserve.
The communicated forecast is to capitalize the operation within 12 months and launch the bank within 18 months, according to regulators’ requirements.
The timeline connects capital structure, prudential requirements, and the preparation of systems, processes, and teams to operate as a national bank.
Dates, Application Protocol and the Design of Hubs in the United States
The application to operate as a national bank in the United States was submitted to the OCC on September 30, 2025.
Now, with conditional approval, the regulatory process becomes part of the plan to establish strategic hubs in Miami, the San Francisco Bay Area, northern Virginia, and the Research Triangle in North Carolina.
The list of hubs signals a distributed presence, connecting regions with distinct profiles in technology, finance, and specialized labor, and suggests that the operation will be structured with multiple geographic bases, rather than a single concentrated operational headquarters.
The Size of Nubank Today and How This Fits into the U.S. Movement
Founded in 2013 and headquartered in São Paulo, Nubank serves about 127 million customers across Brazil, Mexico, and Colombia.
In Brazil, it has operated as a fully regulated financial institution since 2016 and announced plans to obtain a full banking license in 2026.
In the United States, the company’s shares have been traded on the New York Stock Exchange since 2021, under the ticker NU, and the news reports that banking operations in the country now advance on their own regulatory path, with the creation of Nubank, N.A. and additional requirements before the effective start of operations.
Mexico as a Signal of the Regulatory Path and the Wait for the Final Stage
The text also mentions the subsidiary Nu México, which received authorization to organize as a bank in April 2025 and is awaiting approval to start operations.
The reference to Mexico serves as a parallel of stages, highlighting that the authorization to organize is an important step, but it is not yet the complete start of banking operations.
Thus, Nubank’s movement in the United States appears as part of a broader strategy of regulatory institutionalization in different jurisdictions, combining growth, oversight, and preparation of operational infrastructure.
In your view, does this Nubank advancement in the United States tend to reinforce the focus on Brazil or pull the company’s priority toward the American market?
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