Community Banks Sue OCC Over Crypto Firm Bank Charters

A community banks group has sued the US bank regulator over its decision to grant cryptocurrency companies limited national trust bank charters.

The Independent Community Bankers of America (ICBA) filed the suit in the US District Court for the District of Columbia, claiming that the Office of the Comptroller of the Currency (OCC) has exceeded its authority.

The ICBA argues that cryptocurrency firms are using these charters to gain credibility as US banks without meeting normal bank requirements or adhering to regulations such as the Community Reinvestment Act.

ICBA president and CEO Rebecca Romero Rainey said in a statement, 'The OCC's decision exceeds the authority Congress granted the agency.'