OCC Gives Initial Approval To Revolut, OpenReserve National Banks / Fresh Today / CUToday.info

WASHINGTON—The Office of the Comptroller of the Currency has granted preliminary conditional approval for Revolut and blockchain-focused OpenReserve to establish full-service national banks, according to separate decisions dated Sept. 2. The approvals do not authorize either bank to begin operating.

Revolut Bank US would be headquartered in Stamford, Conn., and operate without branches, offering deposit and credit products, payments and digital-asset services through a mobile application. Revolut must provide at least $95 million in initial capital, obtain FDIC insurance and Federal Reserve approval, and receive final OCC authorization. The company expects to launch the bank during the first half of 2027 with about 160 employees, Reuters reported. The OCC decision did not approve Revolut’s proposed retail foreign-exchange business, which requires a separate supervisory non-objection.

Salt Lake City-based OpenReserve plans to offer deposits, loans, tokenized deposit capabilities, payments, treasury services, digital-asset custody and foreign correspondent banking. It also plans a subsidiary that would issue and service dollar-backed stablecoins, although no application for that subsidiary has been filed. OpenReserve must raise at least $210 million and maintain a Tier 1 leverage ratio of at least 12% during its first three years, according to The Block.

Both applicants must satisfy preopening requirements, obtain deposit insurance and receive final OCC approval before conducting banking business. Their conditional approvals expire if required capital is not raised within 12 months or the banks do not open within 18 months, and the OCC may modify, suspend or rescind either approval before opening.