The i’s have been dotted and the t’s crossed on a national bank charter for Varo Money.
CEO Colin Walsh and Brian Brooks, the acting comptroller of the currency, will participate in a signing ceremony at Varo’s offices in San Francisco at 10 a.m. Pacific time on Friday, both sides said. Varo is the first fintech provider among several similar applicants to obtain a national bank charter.
Varo Bank N.A. had received conditional approval from the Office of the Comptroller of the Currency in September 2018, provided it met several criteria — including an OK from the Federal Deposit Insurance Corp., which it obtained in February of this year. The company now has official approval in hand from the OCC, FDIC and Federal Reserve Board.
It’s been a three-and-a-half-year journey, and Walsh says the company has filed more than 5,000 pages of paperwork.
“It’s a historic thing,” Walsh said. “We’re