ICBA Sues OCC Over Crypto Trust Bank Charters

The Independent Community Bankers of America (ICBA), representing community banks in the US, has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) over its decision to grant national trust bank charters to crypto and fintech firms.

The ICBA argues that this move gives crypto companies the credibility associated with a federal bank charter without subjecting them to the same regulatory requirements as traditional banks, including capital and liquidity standards, consolidated supervision, Federal Deposit Insurance Corp. insurance, and Community Reinvestment Act obligations.

This lawsuit comes 7 months after the Bank Policy Institute (BOI) considered taking legal action against the OCC over its move to grant national trust bank charters to crypto and fintech firms.