Mission Lane gains conditional OCC approval for national credit card bank

Mission Lane received conditional approval from the Office of the Comptroller of the Currency to become a nationally chartered credit card bank.

The OCC approved the fintech’s application to form Mission Lane Bank National Association about five months after it was submitted. Mission Lane aims to bring affordable credit cards to consumers with limited access to traditional banking services.

“Mission Lane was founded to leverage data and technology to facilitate access to fair, transparent credit for the estimated 73 million Americans who struggle to access traditional banking services,” the company said in a blog post. “Our pursuit of a national [credit card] bank charter is a reflection of our continued commitment to that mission.”

Mission Lane Bank must have $35 million of initial capital, which must be raised within 12 months. The proposed bank must maintain a tier 1 leverage ratio of at least 11% during its first three years of operation.