Trump-picked OCC head proceeds with consideration of WLF’s bank charter

The Office of the Comptroller of the Currency (OCC), operating under leadership initially appointed during the previous administration, has formally advanced its review of the national bank charter application submitted by financial technology firm WLF. This procedural move, shifting the application into the substantive examination phase, underscores the agency’s continued commitment to integrating non-traditional financial entities into the federal regulatory structure, a hallmark policy of the Trump-era OCC.

Previous OCC leadership aggressively pursued policies aimed at modernization, specifically creating pathways—such as the special purpose national bank charter—for fintech and cryptocurrency custody firms to gain federal oversight. This framework allows firms like WLF to bypass the complexities of navigating 50 different state regulatory regimes, granting them national operating privileges and access to the federal payment system, provided they meet rigorous standards for capital adequacy and risk management.

Market analysts view the continued consideration of WLF’s application as a critical test of the charter regime’s resilience under evolving political environments. If the charter is approved, it will solidify the trend of large technology-focused financial operations converting into federally regulated banks, further blurring the lines between traditional banking and fintech innovation. The OCC emphasized that the decision will rely solely on WLF’s demonstrated operational integrity, comprehensive business plan, and compliance with all safety and soundness requirements mandated for national banks.

Source: Trump-picked OCC head proceeds with consideration of WLF’s bank charter