Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

Varo Money Announces Application for Federal Bank Charter

On July 25, 2017, Varo Money, Inc., a two-year-old mobile banking startup announced it has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and to the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance, with the intention of forming Varo Bank, N.A. – and becoming America’s first mobile-only national bank.
The application makes Varo Money – which has received funding from the private equity firm run by former Treasury Secretary Timothy Geithner – the first fintech startup to formally apply for a federal banking charter and one of few startups currently aiming to compete directly with traditional banks.