SOUTH BRONX / SDNY, May 22 – Revolut
has applied to the U.S. Federal Reserve to become a bank
holding company. Fair Finance Watch, with Inner City Press
on the FOIA, on May 7 filed opposition to Revolut's
application, citing among other things that
"in April 2025, the Central Bank of
Lithuania — Revolut's primary European banking regulator —
fined Revolut Bank a record €3.5 million, the maximum
penalty available, for systematic weaknesses in its
anti-money laundering monitoring processes. Regulators
found that Revolut's systems were insufficient to detect
patterns indicating money laundering or terrorist
financing. This was the fourth major enforcement action
against Revolut since 2022, with fines escalating from
€50,000 in 2022 to €3.5 million in
2025."
FFW also noted that "Public Exhibit 5 of
Revolut's FDIC application — its proposal to develop a CRA
Strategic Plan pursuant to 12 C.F.R. § 25.27 — is a
joke."
On May 21 the Fed finally asked Revolut
some questions, cc-ing FFW:
"1. Describe how US HoldCo will fulfill its
Bank Secrecy Act (“BSAâ€) and Office of Foreign Assets
Control (“OFACâ€) obligations, including with respect to
suspicious activity reporting under 12 CFR
225.4(f).
4. Expanding on the discussion in the
Preliminary Statement, explain how Applicants and the
resultant institution would assist in meeting the
convenience and needs of the communities to be served by
the proposed transaction. Include in your discussion how
Applicants define the “communities to be served by the
proposed transaction.â€
5. Applicants indicate plans to
submit a Community Reinvestment Act (“CRAâ€) Strategic Plan
to the Office of the Comptroller of the Currency (“OCCâ€)
at a later date. Provide an anticipated timeframe for such
submission.
6. Applicants indicate they will define a
primary Assessment Area of the Bridgeport-
Stamford-Norwalk-Danbury, Connecticut metropolitan
statistical area and establish a broader Assessment
Area reflecting Revolut Bank’s nationwide operating model.
Discuss the criteria and process Applicants plan to use to
establish a broader Assessment Area and what that broader
Assessment Area will be, if known.
7. OCC regulations require a bank to
solicit views from the public on proposed Strategic Plans
both formally and informally. Discuss, with specificity,
how Applicants plan to meet these requirements. Include in
your discussion a proposed timeline for such
solicitations.
8. Discuss, with specificity, what products
and services Applicants and the resultant institution
would offer that would most benefit low- and moderate-
income consumers and communities. "
Full letter on Patreon here.
Watch this site.
