The OCC on September 2, 2026 granted preliminary conditional approval for two new national banks: Revolut Bank US, N.A. of Stamford, Connecticut, and OpenReserve Bank, N.A. of Salt Lake City. Both are planned as full-service, FDIC-insured banks without branches. Revolut serves U.S. customers through partner banks today, and OpenReserve plans a banking-as-a-service platform, according to the OCC’s decisions. Neither bank can open until further approvals are granted.

Revolut Bank US (OCC Corporate Decision #1390)

  • Why: the OCC’s decision says Revolut serves U.S. customers “through FDIC-insured bank partners” and seeks the charter “to provide its services to U.S. customers at a lower cost and with greater efficiency than through its existing partner bank model.”
  • Capital: minimum initial paid-in capital of $95 million and a tier 1 leverage ratio of at least 10.0% for the first three years.
  • Limits: the retail foreign-exchange business is excluded from the approval. FX forwards, merchant acquiring and correspondent banking for foreign non-affiliates need a written OCC determination first.

OpenReserve Bank (OCC Corporate Decision #1389)

  • Plan: deposit and lending products, tokenized deposits and, in the OCC’s words, services offered “through a full-service banking-as-a-service platform.” It also plans a subsidiary to issue stablecoins; that application had not been filed.
  • Capital: minimum initial paid-in capital of $210 million and a tier 1 leverage ratio of at least 12.0% for the first three years.
  • Filed: April 13, 2026.

What still has to happen

Both banks need FDIC deposit insurance, Federal Reserve approvals for their holding companies and final OCC approval. Each approval expires if capital is not raised within 12 months or the bank does not open within 18 months.

A new charter is one way a fintech can move off partner banks; buying an existing bank is another, as in the Chime Stride Bank acquisition announced on September 8. A bank that offers banking as a service would join the market our sponsor banks directory tracks. On September 18 the OCC also conditionally approved national trust bank charters for Catena Trust Bank and Agora National Trust Bank.