Community Lenders Take On OCC Over 'Side Door' Crypto Trust Charters
The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), arguing that cryptocurrency companies are being allowed into the national banking system through trust charters without proper oversight.
The ICBA claims that the OCC's March 2 final rule, tied to Interpretive Letter No. 1176, allows crypto firms to enter banking without the scrutiny applied to community banks.
According to the ICBA, this rule attempts to give the OCC powers to charter national banks that Congress never authorized under the National Bank Act.
Rebeca Romero Rainey, ICBA President and CEO, stated, '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.'