Block Seeks OCC Approval for Uninsured National Trust Bank

Block has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust charter to establish Builders Bank & Trust, an uninsured national trust bank.

The proposed institution would provide custody and related fiduciary services for assets including Bitcoin and stablecoins under OCC supervision.

Block's digital asset strategy lead Lee Woolley would serve as president and chief executive if the charter is approved. He previously led the Treasury Department Federal Credit Union and held senior banking roles at Northern Trust and BNY Mellon.