Wise denied US trust bank charter

Wise has had its application for a national trust bank charter denied by the U.S. Office of the Comptroller of the Currency. The decision represents a regulatory setback for the payments group’s efforts to expand its U.S. regulatory footprint through a federal banking charter.

The company said the denial concerns an application that was originally submitted more than a year ago. The OCC’s letter referred to historical issues with that filing, including a Multi-State Consent Order from 2025 that related to Wise’s compliance record across several jurisdictions.

Wise also said that intervening changes in U.S. payment rules contributed to the outcome. It highlighted a Federal Reserve policy change in May 2026 that paused account access for an uninsured trust bank, which the company said rendered the approach outlined in its initial application non-viable.

Wise stated that the OCC decision does not affect its ongoing U.S. operations. The company continues to operate under money transmitter licences covering 48 U.S. states and four territories, and it holds a portfolio of more than 80 licences globally.

Customer services and day-to-day activities in the United States are therefore continuing under the existing state-level regulatory structure. Wise emphasised that the denial is tied to the structure and timing of the original trust bank application rather than to its current operating permissions.

Following the OCC decision, Wise said it intends to prepare and submit a fresh application using a GENIUS Act framework. This signals that the company plans to pursue a revised route to a U.S. banking-style charter that reflects the changed regulatory environment.

Wise indicated that it remains engaged with regulators as it reassesses the design of its application. The new filing is expected to take into account both the historical compliance findings referenced in the OCC letter and the recent shifts in U.S. payment-system policy.

The announcement of the OCC denial prompted a negative reaction in financial markets. Reports showed Wise’s share price falling more than 6–7% in early trading in London after the decision was made public.

The share-price move reflects investor sensitivity to regulatory developments around Wise’s ambitions in the United States. While existing operations continue under current licences, the denial delays the company’s plans to secure a national trust bank charter and may influence market perceptions of its U.S. growth trajectory.