OpenReserve Bank, N.A. (in organization). Not open to customers. Preliminary conditional OCC approval only. No CBL Score until it opens.
OpenReserve is a proposed US national bank built for institutions, not individuals. On 2 September 2026 the OCC gave it preliminary conditional approval, which is permission to keep building, not permission to open. Before it can take a single deposit it has to raise at least $210 million, get FDIC insurance, and pass a preopening exam. The clock runs 18 months. We are listing it now so you know what it is when you read the headlines. We will score it when it opens.
| Status | In organization. Not open to customers. Preliminary conditional OCC approval only. |
| Regulator | Office of the Comptroller of the Currency (OCC) |
| Approval | 2 September 2026, preliminary conditional approval to organize a full-service national bank. |
| Charter | Full national bank charter, deposits and lending permitted. Not a trust charter. |
| FDIC insurance | Outstanding. Deposit insurance must be approved before the bank can open. |
| Federal Reserve | Outstanding. The bank must apply for Federal Reserve membership and Reserve Bank stock before it can open. |
| OCC conditions | At least $210 million initial paid-in capital net of organizational and preopening expenses. Tier 1 leverage ratio of at least 12% for the first three years. Capital must be raised within 12 months. The bank must open within 18 months or the approval expires. 60 days notice to the OCC before opening. A preopening examination covering operations, governance, compliance and technology. |
| Headquarters | Salt Lake City, Utah. Holding company OpenReserve Holdings Inc., Wilmington, Delaware. Founders based in New York. |
| Customers | Institutional and corporate: businesses, financial institutions, corporate treasurers. No retail account announced. |
| Planned products | Commercial and retail lending, treasury management, traditional deposits, tokenized deposits (proposed rDEP), digital asset custody, payments, foreign correspondent banking, banking-as-a-service, stablecoin infrastructure. |
| Stablecoin | ReserveUSD (rUSD), planned through a wholly owned subsidiary. The OCC letter notes the subsidiary application has not been filed. |
| Founded | 2025 |
| Founders | Dee (Diwakar) Choubey, Co-founder and CEO, previously founded MoneyLion. Richard (Rick) Correia, Co-founder and President. |
| Other organizers | John Chrystal, David Schwed, Jame Sloan, Soumya Basu, as named in the OCC application. |
| Funding | $25 million seed led by a16z crypto. Other investors: Jump Capital, Acrew, Coinbase Ventures, Wintermute Ventures, Clocktower, Quona, AAF Management, Zero Knowledge Ventures. |
Watch. Preliminary conditional approval only. $210 million capital not yet raised. FDIC insurance pending. Approval expires if the bank does not open within 18 months.