NCRC Opposes Monzo's US Bank Charter Application at OCC

In May 2020, the NCRC filed formal comments with the OCC opposing Monzo's application for a US national bank charter, which Monzo had submitted in April 2020. NCRC argued that Monzo's application lacked a robust Community Reinvestment Act plan for serving low- and moderate-income communities. The coalition also criticized the fintech for failing to commit to fair lending practices.

NCRC explicitly stated that Monzo's charter application could not be approved by the OCC, highlighting the challenges branchless digital banks face in meeting traditional community banking obligations. The opposition underscored broader regulatory scrutiny of fintech charter applications during this period. No fintech had received full OCC charter approval by May 2020, with applications from multiple digital banks remaining in review or having been withdrawn.