3 days ago
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Key Takeaways
- ICBA challenges the OCC’s trust charter authority.
- Protego’s conditional approval is also targeted.
- Crypto holdings remain outside FDIC deposit insurance.
The Independent Community Bankers of America filed the case on October 2 in the U.S. District Court for the District of Columbia. In its official announcement, ICBA accused the Office of the Comptroller of the Currency of granting crypto businesses the credibility of a federal bank charter without the same obligations that apply to community banks.
The group wants the court to invalidate the OCC’s March 2026 chartering rule and its 2021 Interpretive Letter 1176. Its challenge also targets Protego’s conditional approval, making a proposed crypto trust bank a specific test of the agency’s interpretation of the National Bank Act.
Can a trust charter cover business beyond fiduciary services?
Trust banks hold and administer assets for customers, but those services do not always involve the same responsibi...
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