Wise to Reapply for U.S. National Trust Bank Charter Under GENIUS Act Framework After OCC Rejection

Wise, a fintech company based in London, intends to submit a new application for a national trust bank charter in the U.S. under the GENIUS Act. This decision follows the rejection of its initial request by the Office of the Comptroller of the Currency (OCC) on July 21, which was attributed to conflicts with the Federal Reserve's revised policies. Wise's first application, made in June 2025, sought direct access to the Federal Reserve's payment system, but the entry for uninsured trust banks has been halted. The OCC referenced past compliance concerns stemming from a 2025 consent order, which Wise asserts have been resolved. Shares of Wise dropped by as much as 10% during trading in London, while the company will maintain its service to U.S. clients via current money transmitter licenses.