Fintech · Industry brief

Revolut received conditional OCC approval on September 2 to establish Revolut Bank US, N.A., which would offer FDIC-insured deposits, loans, and credit cards once it obtains final approvals from the FDIC and Federal Reserve. Upstart received conditional OCC approval in July for Upstart Bank, N.A., a proposed branchless bank accepting FDIC-insured deposits and originating consumer loans nationwide, with pending applications for FDIC deposit insurance and Federal Reserve bank holding company status. Circle received final OCC approval in July to establish First National Digital Currency Bank, N.A., operating as Circle National Trust, providing fiduciary digital-asset custody services and managing the USDC Reserve. Block has applied to establish Builders Bank & Trust, N.A., an uninsured national trust bank focused on custody and fiduciary services for bitcoin and stablecoins without deposit-taking or lending. Chime agreed to acquire Stride Bank for $590 million in cash, with the transaction expected to close in the first half of 2027 subject to regulatory approvals; Stride would become Chime Bank, N.A. The OCC received 40 de novo charter applications over the previous 18 months, with 23 involving digital-asset activity, compared to 48 applications during the 14 years from 2011 through 2024 (OCC announcements August 11 and August 19).

A publicly traded fintech announced a $590 million acquisition of its longtime national bank partner's parent company, with closing expected in the first half of 2027 subject to approval from the Office of the Comptroller of the Currency and the Federal Reserve Board. The acquisition represents a strategic shift from the fintech's bank-partnership model toward direct national bank ownership, which the company views as faster than pursuing a de novo charter. The deal is projected to generate over $100 million in net synergies through consolidated banking operations, eliminated sponsor-bank fees, and reduced funding costs, while the fintech intends to keep the bank's assets below $10 billion and will become a bank holding company subject to prudential supervision and capital requirements under the Bank Holding Company Act.

The federal banking agencies (FDIC, Federal Reserve, NCUA, and OCC) issued proposed guidance on third-party risk management for financial institutions on September 11, 2026. The principles-based guidance aims to help banks and credit unions better manage risks from third-party relationships and will replace existing third-party risk management guidance when finalized. The agencies also issued a separate statement on community banks' engagement with core service providers, outlining factors they will consider in supervisory and enforcement decisions. Comments on the proposed guidance are due 60 days after Federal Register publication, with the Federal Reserve separately issuing a companion guide for community banks.