NEW YORK, Jan 30, 2026, 11:27 EST — Regular session
Shares of Nu Holdings Ltd dropped roughly 2.8% to $18.23 on Friday, erasing some of the gains from the previous day following the Brazilian digital lender’s announcement of a U.S. banking expansion. During the session, the stock fluctuated between $18.215 and $18.73.
Nu said it has secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to create Nubank, N.A., a de novo national bank. CEO David Vélez described the move as “an opportunity to prove our thesis” that a “digital-first, customer-centric model” can scale. Co-founder Cristina Junqueira called it “a significant step” toward establishing a “solid, compliant, and competitive” presence in the U.S. The filing noted Nu still needs to satisfy OCC conditions and gain green lights from the Federal Reserve and FDIC. It plans to capitalize the bank within 12 months, aiming to open it within 18 months.
Davis Polk, the law firm advising Nu on its application, said Nubank, N.A. will be headquartered in McLean, Virginia. The bank plans to offer demand deposit accounts, credit cards, lending, and digital asset custody services. Digital asset custody means protecting clients’ crypto holdings, usually via regulated storage and security measures. 1
This move counts because a national bank charter opens the door to accepting deposits under federal rules — giving a funding edge over fintechs that lean heavily on wholesale markets and partnerships. But it also thrusts the company into stricter compliance and capital requirements, which can squeeze returns.
In a note highlighted by American Banker, Michele Alt, partner and co-founder at Klaros Group, said the approval “sends a strong signal” that the OCC is committed to “adhering to its 120-day” review timeline and “streamlining the process.”
For Nu, the key issue isn’t the headline but the details: how much capital it’ll require, the pace of regulatory approvals, and whether its U.S. push remains limited while it focuses on its core markets in Brazil, Mexico, and Colombia.
The downside is clear. Approval comes with conditions, and any hold-up at the Fed or FDIC — or stricter demands during the bank setup — could push back the timetable and require a bigger investment than equity holders anticipate.
Nu’s fourth-quarter earnings and conference call on Feb. 25 will be the next major event for investors. Management is expected to get grilled on U.S. spending, regulatory timelines, and how this project aligns with growth efforts in other markets. 2
