Rebeca Romero Rainey

Stories

Community banks sue US regulator over crypto trust charters

Leading the legal challenge against the OCC

A trade group for community banks sued the U.S. banking regulator Friday over federal trust charters granted to crypto firms. The Independent Community Bankers of America (ICBA) argues the Office of the Comptroller of the Currency (OCC) exceeded its statutory authority by chartering entities that primarily deal in digital assets.

Updated 2 hours ago

Notable Quotes

Congress did not create the national trust charter as a side door into the banking system for crypto firms seeking the credibility of a federal bank charter without the Community Reinvestment Act obligations, consolidated supervision, capital and liquidity standards, and FDIC insurance that apply to insured depository institutions.

from Community banks sue US regulator over crypto trust charters · Updated 2 hours ago