Embedded finance news: Bank charters
National trust bank charter lawsuit: ICBA sues the OCC
ICBA asked a federal court on October 2 to void the OCC rule behind crypto trust charters and Protego's approval.
FDIC deposit insurance approval for Mercury Bank, N.A.
The FDIC cleared Mercury Bank, N.A. for deposit insurance with $300 million of initial paid-in capital.
Chime Stride Bank acquisition: Chime buys its sponsor bank for $590M
The all-cash deal would turn Chime's partner bank into Chime Bank, N.A., subject to OCC and Fed approval.
OCC grants conditional charters to Revolut and OpenReserve
Revolut serves U.S. customers through partner banks today; OpenReserve plans a banking-as-a-service platform.
OCC denies Wise's national trust bank charter
The OCC denied Wise's trust bank charter over its AML/CFT program; Wise says it will file again.