Revolut Faces Regulatory Hurdles in US Banking Expansion

Revolut filed an application with the OCC and FDIC on March 4 to launch Revolut Bank US, aiming to offer deposit services, credit cards, loans, and direct access to Fedwire and ACH. Nearly six months later, the application remains pending, highlighting a potential two-tier banking system as federal regulators continue to approve other banking applications during the same period.