With the OCC’s conditional approval, Mercury enters the bank organization phase, during which it will work to satisfy remaining requirements and obtain final authorization from the OCC, as well as pending approvals from the FDIC and the Federal Reserve.
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Mercury receives OCC conditional approval to establish Mercury Bank
“Our customers have been asking for Zelle, for expanded lending, for payment infrastructure we actually control. We couldn’t give them those things without a bank charter," said Mercury CEO Immad Akhund.
