US Congress · U.S. · Cointelegraph
Community banks sue OCC over trust bank charters of crypto companies
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◎ Multiple-sources
Community banking group’s lawsuit claims OCC has overstepped its mandate from Congress.
Key facts
- The Independent Community Bankers of America (ICBA) filed the suit Friday in the US District Court for the District of Columbia
- In August that under President Donald Trump and OCC head Jonathan Gould, the agency has approved or conditionally approved multiple applications from crypto companies seeking trust charters to expand
- The OCC’s decision to allow companies to obtain national trust bank charters to conduct substantial non-fiduciary activities exceeds the authority Congress granted the agency,” ICBA president
- The ICBA is asking the court to return the OCC to its statutory limits, Rainey added
Summary
A community banks group sued a US bank regulator, claiming its decision to allow cryptocurrency companies to obtain limited national trust bank charters exceeds the authority Congress granted the agency. The Independent Community Bankers of America (ICBA) filed the suit Friday in the US District Court for the District of Columbia. The group claimed the Office of the Comptroller of the Currency (OCC) has granted cryptocurrency firms the credibility of a US bank charter without sufficient safeguards or compliance with normal bank requirements. “The OCC’s decision to allow companies to obtain national trust bank charters to conduct substantial non-fiduciary activities exceeds the authority Congress granted the agency,” ICBA president and CEO Rebeca Romero Rainey said in a statement.