Wise Plans to Resubmit U.S. National Trust Bank Charter Application Under GENIUS Act Framework

According to William Blair, Wise plans to resubmit its national trust bank charter application under the GENIUS Act framework after the U.S. Comptroller of the Currency (OCC) rejected the original application on July 21.

The OCC stated that Wise's application was incompatible with the Federal Reserve's new policy on Master Account access for payment systems. William Blair noted that although the charter would have provided Wise more direct access to U.S. domestic payment infrastructure, the Federal Reserve has largely paused issuing Master Accounts while developing new policies for "payment accounts."