WASHINGTON — Applications for new U.S. bank charters surged in 2025, matching the total filed over the previous four years combined, as federal regulators signaled a more welcoming stance toward de novo banks and fintech entrants, according to a new report.
The spike followed a shift in tone from Comptroller of the Currency Jonathan Gould and Federal Deposit Insurance Corp. Chair Travis Hill, both of whom have emphasized the importance of new charters, Banking Dive reported. Regulators approved or conditionally approved several applications last year, unleashing what analysts described as “pent-up demand,” the report stated.
Fintechs Drive Volume
Banking Dive said much of the interest has come from fintech firms seeking greater control over their products and funding. Revolut has publicly expressed interest in a U.S. charter, while companies such as Nissan and PayPal applied for industrial loan company charters, which allow FDIC-insured banks to be owned by nonfinancial firms.
As the CU Daily reported earlier, both Ford and GM were also recently approved for industrial loan company charters.
In 2025 alone, Banking Dive noted 18 charter applications were filed with the Office of the Comptroller of the Currency, most seeking national trust charters. Those charters allow firms to custody assets under a federal framework but prohibit deposit-taking and lending, the report explained.
In addition, six de novo applicants received conditional approvals, including Checkout.com, which pursued a limited-purpose merchant acquirer charter in Georgia.
‘Return to the Norm’
Gould has described the influx as “a return to the norm,” telling Banking Dive it reflects healthy competition and innovation. Michele Alt, co-founder of regulatory consultancy Klaros Group, said fintechs are now being encouraged to enter the regulated banking system after years of tighter oversight, particularly following the collapse of crypto exchange FTX.
“What we see now is the fintech sector finally being encouraged and welcomed into the regulatory fold,” Alt told the publication.
Industry observers expect the momentum to continue in 2026, with operations expected to begin for some of the newly approved banks and additional applications under review. Freshfields partner David Sewell called the regulatory pivot “the most consequential thing” of his career, predicting more filings ahead.
Two New Apps in 2026
Companies are pursuing charters to reduce reliance on sponsor banks, lower funding costs and streamline oversight by dealing with a single federal regulator, analysts told Banking Dive.
Two new applications have already been filed in 2026, including one from European neobank Bunq and another from World Liberty Financial, a cryptocurrency platform tied to the Trump family.
There were three federal credit union charters granted in 2025.
