Revolut said on Sept. 3 that the Office of the Comptroller of the Currency (OCC) conditionally approved its application to form a U.S. national bank, advancing an application first announced in March.
The conditional approval does not clear the proposed bank, called Revolut Bank US, N.A., to launch. Revolut said it is still working through approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, as well as final approval from the OCC, before its planned 2027 opening.
Revolut currently relies on other banks for several U.S. products. According to its disclosures, Lead Bank provides the banking services behind Revolut's prepaid cards, while Cross River Bank issues its Visa credit card and makes its personal loans. The proposed national bank charter would change that structure.
What the charter would enable
- Operations across all 50 states under federal oversight
- Direct connections to Fedwire and ACH
- Direct provision of personal loans, credit cards and FDIC-insured deposits
- Access to stablecoins and cryptocurrencies alongside conventional banking products
