ICBA Sues OCC Over Crypto Firms’ National Trust Charters

The Independent Community Bankers of America (ICBA) sued the Office of the Comptroller of the Currency (OCC) over national trust bank charters for crypto firms, alleging the agency exceeded its authority to grant them.

ICBA filed the case Oct. 2 in federal court in Washington. It argues that Congress did not authorize the OCC to use national trust charters as a way for crypto companies to gain federal bank status.

ICBA says the framework does not impose requirements such as capital and liquidity standards, consolidated supervision and Federal Deposit Insurance Corp. coverage that apply to insured banks.

The trade group’s suit challenges the OCC’s approach to national trust charters for crypto firms. The Independent Community Bankers of America is challenging the OCC’s crypto trust charter authority.