OCC Denies New Charter Application

Typically, when the OCC is preparing to deny an application for a national bank charter, applicants are given the opportunity to withdraw before a formal decision is issued. However, the agency recently took the unusual step of denying two high-profile applications outright, sending a strict message about its expectations for new entrants. Polsinelli shareholder and former OCC enforcement lawyer Travis Nelson explains what financial institutions can learn from these public denials.