Block Seeks OCC Approval for New National Trust Bank
Block, a leading US payments company, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank called Builders Bank & Trust. The proposed bank will be subject to OCC oversight and will provide custody services for Bitcoin and other digital assets.
The application is part of Block's efforts to expand its business, including its Bitcoin-related ventures such as Cash App and Square. The company's CEO, Lee Woolley, said that the new bank will enable Block to offer a cohesive regulatory framework for its expanded operations.
Builders Bank will not accept deposits or offer lending services and will be exempt from federal deposit insurance requirements. The OCC has yet to review and approve the application, which is necessary for the bank's establishment.