Season 2 · Episode 3
Revolut Wins OCC Charter: Product Gates + FDIC/Fed Still Pending
Summary
OCC just gave Revolut Bank US, N.A. preliminary conditional approval — a branchless national bank in Stamford, CT — but gated retail FX, FX forwards, merchant acquiring, and non-affiliate correspondent banking behind separate non-objections.
In this OnlyFintechs episode we unpack Corporate Decision #1390 (Sept 2, 2026): $95M minimum capital, 10% Tier 1 leverage for three years, digital assets kept off the bank balance sheet (<2% projected revenue), and why FDIC insurance + Fed BHC approvals still block a 2027 open.
What you’ll learn: how a product-gated charter differs from OpenReserve’s same-day approval; what migrates from partner banks (incl. Lead Bank) for ~1M U.S. customers; and why “conditional” is not “open for deposits.”
Keywords: Revolut, OCC, CD1390, national bank charter, Stamford, FDIC, Federal Reserve, Tier 1 leverage, fintech charter.
#Revolut #OCC #BankCharter #Fintech #Neobank #FDIC #Regulation #PodcastDrop
0
:00 Intro: Revolut's conditional OCC approval
Chapters
- 2:00From Lead Bank partner toward its own charter
- 5:23A product-gated charter: four locked products
- 10:11Crypto limits and stablecoin rules
- 12:58Next hurdle: the Fed and a Lithuanian AML fine
- 16:03What changes for Revolut customers
- 18:48Wrap-up: a feature-by-feature rollout
