Community Banks Sue OCC Over Trust Bank Charters for Crypto Firms

A US community bank group has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), claiming its decision to grant trust bank charters to cryptocurrency companies exceeds Congress's authority.

The Independent Community Bankers of America (ICBA) filed the suit in the US District Court for the District of Columbia, arguing that the OCC has given crypto firms the credibility of a US bank charter without sufficient safeguards or compliance with normal banking requirements.

According to ICBA president and CEO Rebeca Romero Rainey, '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.'