Revolut's National Bank Bid Stalls Amid Regulatory Hurdles
Revolut's bid to establish a full-service digital national bank in the US has hit a roadblock. The company, valued at $75 billion, filed an application with the OCC and FDIC on March 4 to take deposits, issue credit cards, make loans, connect directly to Fedwire and ACH, and provide investment and trading services.
The application remains pending, while federal regulators have approved or converted bank charters for several other crypto firms. Revolut's bid is more comprehensive than those of its peers, seeking a national bank license that would grant it access to FDIC insurance and expose it to the Deposit Insurance Fund.
Regulators must weigh capital and liquidity, credit underwriting and loss reserves, BSA and OFAC compliance, Community Reinvestment Act obligations, and whether Revolut's management can run a US national bank safely. In contrast, most crypto trust charters are narrower in scope, focusing on custody, reserves, and digital-asset services.