Revolut's Full-Service Bank Bid Hits Snag Amid US Regulatory Scrutiny
Revolut's bid to establish an insured national bank in the US has hit a snag, exposing a massive two-tier banking system. The fintech firm filed its application with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) on March 4 to become a full-service digital national bank, offering deposit accounts, card products, consumer and commercial lending, cross-border payments, and investment and trading services.
The application describes Revolut's plan to reduce its reliance on partner banks and serve more than 70 million customers across 40 markets. With a $75 billion valuation reached in November 2025, the company's request has been put through every layer of traditional bank review, including capital and liquidity requirements, credit underwriting and loss reserves for lending, BSA and OFAC compliance, and Community Reinvestment Act obligations.
The OCC is still reviewing Revolut's application, which remains pending. In contrast, other crypto firms such as Circle, Ripple, Coinbase, Paxos, BitGo, and World Liberty have received conditional approvals or had their charters converted to national trust banks, focusing on custody and stablecoin services rather than full deposit banking.
The OCC has also granted preliminary conditional approval to Nubank for a new national bank offering lending, deposits, and digital-asset custody. Upstart received similar approval for a fully digital insured lender focused on consumer credit, while bunq's application was denied due to capital, management experience, profitability assumptions, and risk to the Deposit Insurance Fund.
The OCC's review of Revolut has become adversarial, with Fair Finance Watch filing formal opposition to its application citing international compliance history and Community Reinvestment Act plan. The Federal Reserve has pressed Revolut on BSA and OFAC obligations, as well as the timeframe behind its CRA plan and planned service to low- and moderate-income communities.