Revolut clears the OCC but still faces FDIC and Fed review

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.

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