According to a report by Bloomberg News, Mission Lane, an American credit card company, has submitted an application for a national bank charter with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

If granted, Mission Lane Bank would be authorized to issue credit cards but would not engage in deposit-taking or commercial lending. The firm also intends to offer an optional credit-protection product.

The application makes Mission Lane one among a rising number of fintech companies that are seeking national bank charters within the current regulatory framework, which has shown greater receptiveness toward new bank formations compared to past administrations. Other recent applicants include Upstart Holdings, Revolut, Zero Hash, and Payoneer, all of whom have submitted their applications in recent months.

In April 2026, Lorum and EDX Markets also applied for OCC national trust bank charters, with Lorum’s application pending regulatory review. Lorum’s filing was centered around the structural dynamics of the correspondent banking market.

Regulatory background and strategic reasons

Holding a national bank charter allows fintech companies to gain direct access to regulated financial services, which can reduce reliance on partner banks that may impose limitations on product flexibility, drive up costs, and introduce operational risks. For credit card issuers like Mission Lane, this charter would permit them to issue cards directly, thus having more control over underwriting, pricing, and customer relations without the need for intermediary institutions.

Targeting consumers with limited or impaired credit histories, a sector that has seen significant investment from fintech firms, Mission Lane’s access to banking infrastructure is crucial for their business model’s economic viability and scalability.