Mission Lane Applies for OCC Credit Card Bank Charter
Mission Lane filed an application with the Office of the Comptroller of the Currency for a credit card bank charter, according to a filing spotted on Apr 21, 2026. No company had applied for a credit card bank charter in roughly 20 years, according to Klaros Group co-founder Michele Alt. Klaros acted as an adviser on the application.
Mission Lane currently uses TAB Bank and WebBank as sponsor banks, with Visa as its card network. The charter would allow Mission Lane to originate and hold loans on its own balance sheet, cutting out partner banks. Mission Lane is also applying for deposit insurance through the FDIC.
The company plans to establish bank offices in Richmond, Virginia, with no other branches. It targets an estimated 70 million underserved Americans with credit card products.
- Signals continued trend of mature fintechs seeking bank charters to reduce reliance on BaaS sponsor banks
- TAB Bank and WebBank face potential loss of a significant fintech partner, highlighting charter risk for sponsor banks
- If approved, could encourage other fintechs to pursue charters rather than maintain sponsor bank relationships