Community banks sue OCC over trust bank charters of crypto firms
Summary
The Independent Community Bankers of America sued the OCC in federal court, arguing the agency exceeded its authority by letting cryptocurrency companies obtain limited national trust bank charters. The group says these charters give crypto firms the credibility of a federal bank charter without the usual banking safeguards, including Community Reinvestment Act obligations, consolidated supervision, capital and liquidity standards, and FDIC insurance. It is asking the court to force the OCC back within its statutory limits. The OCC had not commented on the lawsuit.
