Palmer Luckey's Erebor Digital Bank Awaits OCC Charter Approval

Erebor, a digital bank associated with Oculus founder Palmer Luckey, was still awaiting OCC approval as of August 7, 2025, after submitting its bank charter application in June 2025. The company's fundraising materials had projected receiving preliminary approval within six months, with full approval expected by late 2025. However, no approval had appeared in the OCC's public database by early August.

Industry experts cast doubt on the aggressive timeline, with a Columbia University consultant noting that nine months would be a more realistic timeline even for politically well-connected applicants. The 2024 median time for FDIC deposit insurance decisions alone was 295 days, nearly 10 months, and full completion of both preliminary and final approval typically takes a year or longer. The case highlights the persistent challenges fintechs face in obtaining de novo bank charters through traditional regulatory channels.

This lengthy process continues to drive some fintechs toward alternative strategies such as bank acquisitions or specialized state charters.