Revolut gets conditional OCC nod for a US national bank

The Office of the Comptroller of the Currency has granted preliminary conditional approval to charter Revolut Bank US, National Association, a proposed digital national bank in Stamford, Connecticut. The letter is OCC Corporate Decision 1390, dated September 2, 2026, and published in September 2026. This is a first-step charter letter, not a live US bank open for deposits, and not FDIC insurance or Federal Reserve holding-company approval.

The proposed charter number is 25420. The organizing group filed on March 10, 2026. The bank would be wholly owned by Revolut Holdings US, Inc., under UK parent Revolut Group Holdings Ltd. Final approval and authorization to open still depend on preopening requirements, including an application for Federal Reserve stock and FDIC deposit insurance.

The capital floors are specific. Initial paid-in capital, net of organizational and preopening expenses, must be no less than $95 million. The bank must hold a Tier 1 leverage ratio of no less than 10.0 percent for the first three years of operation. The approval expires if that capital is not raised within 12 months or if the bank is not open within 18 months.

Four product lines still need a separate OCC supervisory non-objection. Retail foreign exchange is carved out of this approval and needs a non-objection under 12 CFR 48.4. Foreign exchange forwards, merchant acquiring, and foreign non-affiliate correspondent banking are gated the same way. Until those letters land, the US product set is narrower than Revolut's global app.

Digital-asset custody is planned through affiliate Revolut Ltd in a nonfiduciary capacity. The letter projects those services under 2 percent of bank revenue over the three-year de novo period, and says the bank will not hold digital assets on its balance sheet. Revolut-branded stablecoins would run through a third party. The bank would not be the issuer or the reserves manager, which sits next to the still-open Treasury GENIUS Act proposal and Singapore's MAS stablecoin consultation.

The OCC also approved residency waivers for the entire board. CEO Cetin Duransoy is among the organizers. The same supervisor just narrowed its unsafe-or-unsound MRA rule with the FDIC.

Trade desks have talked about a 2027 launch if the remaining Fed, FDIC, and final OCC clearances land. That date is industry colour, not a date in the OCC letter.

US fintech competitors, banking counsel, and Revolut US customers should watch the FDIC and Fed dockets this week, and whether the OCC publishes non-objections for the four gated products, before any 2027 open-date talk becomes real.