Revolut Secures Conditional OCC Approval for U.S. Banking License
The fintech giant has cleared an initial regulatory hurdle with the Office of the Comptroller of the Currency as it targets full U.S. banking operations.
Financial technology company Revolut has obtained conditional approval from the U.S. Office of the Comptroller of the Currency to advance its application for an American banking license.
The regulatory milestone, which was first reported by Sifted, represents a key initial hurdle cleared by the firm in its pursuit of direct banking authority in North America.
The preliminary clearance was issued by the Office of the Comptroller of the Currency, the federal agency responsible for chartering and regulating national banks.
By pursuing a national bank charter, Revolut aims to establish itself as a fully authorized banking institution across the entire United States market.
Conditional approval allows the company to proceed toward satisfying the final regulatory requirements and criteria necessary to secure full charter status.
If granted a final license, the company would be authorized to offer full-fledged deposit and banking products directly to consumers nationwide.
Sources
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