Figure Technologies Files OCC National Bank Charter Application

Figure Technologies, a fintech company that uses blockchain technology for lending, payments, and other financial services, filed a national bank charter application with the OCC on December 7, 2020. The company sought to establish Figure Bank, which would allow it to take deposits and offer a broader suite of banking products powered by its proprietary Provenance blockchain platform. The application attracted significant attention from banking trade groups, including the American Bankers Association, which submitted comment letters raising concerns about the mixing of commercial and banking activities.

Figure had previously operated through bank partnerships and sought the charter to vertically integrate its lending and deposit-taking functions. No approval was granted during December 2020, and the application entered the OCC's extended review process. The filing was part of the broader wave of fintech charter applications during this period, reflecting industry efforts to reduce reliance on sponsor bank arrangements in the BaaS ecosystem.

A successful charter would have significant implications for blockchain-based financial services and embedded finance infrastructure.