Revolut clears the OCC but still faces FDIC and Fed review

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Revolut passed one of three federal hurdles Thursday as the Office of the Comptroller of the Currency approved a conditional US national bank charter.

The fintech cannot open until the FDIC and Federal Reserve also provide their approval. The company states that this step is still more than a year away, with a launch planned for the first half of 2027.

Three signatures stand between the charter and deposits

On September 3, the OCC declared its decision to approve Revolut’s application to charter an entity called Revolut Bank US, N.A. However, this bank is not yet authorized to accept deposits.

Revolut still needs to satisfy conditions set by the OCC, secure FDIC deposit insurance and the Fed’s approval, and then return to the OCC for final approval. Revolut said it began working on the charter process with its application in March.

“We’re grateful for the OCC’s open and transparent dialogue throughout this process,” Revolut US CEO Cetin Duransoy said.

The timetable keeps the firm “on track for a 2027 launch of our proposed national bank,” he said.

The proposed bank would be in Stamford, Conn., have about $95 million in initial capital and hire about 160 people when it is operational. Revolut currently reaches American customers through Lead Bank, an FDIC member, instead of a charter of its own.

With the charter, it could hold deposits without depending on a partner for the underlying accounts.

Once regulators clear the bank, the product list will include checking accounts, credit cards, installment loans, and foreign exchange.

A stablecoin is also on that list, but Revolut has not identified its currency, network, or reserve setup.

The next step could be business banking after consumer launch. The first three-year plan does not provide for mortgages.

The GENIUS Act decides the stablecoin’s fate

A bank charter alone would not clear Revolut’s token.

In the US, payment stablecoins are subject to the GENIUS Act, which was signed into law in July 2025 and limits issuance to permitted issuers and gives the OCC authority over reserves, redemptions, audits, and custody. When it comes, FDIC insurance would extend to eligible deposits.

According to Cryptopolitan, stablecoin transfer volume on Revolut hit a record $1.2 billion in December 2025.

In the last year, Coinbase, Paxos, BitGo, Ripple, and Circle all obtained conditional approvals from the OCC. It also approved President Donald Trump’s World Liberty Financial last month.

OCC chief Jonathan Gould said firms working with crypto and other new technology should “have a pathway to become federally supervised banks.” Since 2025, the agency has received 40 de novo charter applications, with 21 approved and two denied.

Conditional approval “gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans,” Revolut founder and group CEO Nik Storonsky said.

The company has 80+ million customers globally. It has added bank charters in France, Australia, and the UK, plus a UAE payments license, the company said.

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