Upstart to apply for national bank charter

Last night, Upstart (UPST) Holdings announced its plan to submit an application to the Office of the Comptroller of the Currency, or OCC, and the Federal Deposit Insurance Corporation, or FDIC, to establish an insured national bank, Upstart Bank, N.A. Upstart Holdings will also apply to the Federal Reserve for approval to become a bank holding company. Subject to regulatory approval, the charter will allow Upstart to reduce operational, regulatory, and financial costs and complexity for itself as well as for its third-party capital sources. Annie Delgado, Upstart’s chief risk officer, is the proposed CEO of Upstart Bank.

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