News Release 2020-99 | July 31, 2020
WASHINGTON, D.C.—Acting Comptroller of the Currency Brian P. Brooks issued the following statement after presenting Varo Bank, N.A. its official charter:
It is a great honor to present Varo Bank its full-service national bank charter. For more than 157 years, national bank charters have signified to the world that this bank meets our high standards necessary for it to operate across the country under a single, uniform regulatory framework, subject to a single primary prudential supervisor. National bank charters inspire confidence because they are accompanied by value-added supervision and access to world-class experts. A national bank charter is both a privilege, which Varo has earned, and a responsibility, which it has embraced.
Varo Bank’s opening on August 1, 2020, represents the evolution of banking and a new generation of banks that are born from innovation and built on technology intended to empower consumers and businesses.
As a new national bank, Varo joins the world’s most respected system of financial institutions and has the opportunity to become a household name as many other national banks have become. I congratulate Varo founder Colin Walsh and all the men and women of Varo Bank, N.A. on this important occasion and wish them great success serving the banking needs of their community and customers.