Wise PLC (LSE:WISE) shares dropped 7.5% in after-hours trading on Thursday after the U.S. Office of the Comptroller of the Currency (OCC) rejected the company’s application for a national trust bank charter.
The decision delays Wise’s plans to establish a direct connection to the U.S. payments infrastructure, a move the company believes would have reduced transaction costs and improved pricing for customers.
OCC cites regulatory and procedural factors
According to the OCC, the application was denied for two main reasons. The regulator pointed to the Federal Reserve’s suspension of new Tier 3 master account approvals, which has remained in place since Wise submitted its application in June 2025, as well as existing consent orders issued against the company by several U.S. states.
Wise originally applied for the charter more than a year ago. Shortly after filing its application in July 2025, the company became subject to a Multi-State Consent Order.
Since then, Wise said it has strengthened its U.S. compliance framework by enhancing customer data integrity, improving investigation and reporting procedures, and expanding resources dedicated to regulatory compliance.
Existing operations remain unchanged
The company stressed that the OCC’s decision will not affect its current business activities in the United States or internationally.
Wise continues to operate through money transmitter licences covering 48 U.S. states and four territories, alongside more than 80 regulatory licences worldwide. The proposed national trust bank charter was designed to provide direct access to the Federal Reserve’s payment systems, bringing the U.S. market into line with similar payment arrangements the company has established in other jurisdictions.
Wise plans to reapply under new framework
Rather than abandoning its plans, Wise intends to submit a fresh application under the recently introduced GENIUS Act framework, which management believes offers a more suitable regulatory pathway.
The company said its objective remains securing direct connectivity to FedNow and Fedwire, adding that the new application should not be viewed as a strategic shift towards stablecoin-related activities.
Regulatory scrutiny remains in focus
The OCC’s decision adds to a period of increased regulatory attention for Wise. Earlier this year, the company also faced money laundering allegations in Belgium, adding another layer of uncertainty for investors as it continues to pursue its long-term U.S. expansion strategy.
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