OCC Denies Wise's U.S. Trust Bank Charter, Blocking Direct Fed Access

The OCC denied Wise Group plc's national trust bank charter application on July 24, 2026, blocking the London-listed payments company from direct Federal Reserve master accounts for USD settlement. Wise, which has processed over $240 billion for 19 million customers, disclosed the denial via SEC Form 6-K. Existing U.S. operations through partner banks continue. Wise told the OCC it plans to reapply under the GENIUS Act framework.