Search Results for "OCC"
32 results for "OCC"
Deals 20
Coinbase Receives Conditional OCC Approval for National Trust Bank Charter
The OCC granted Coinbase conditional approval for a national trust bank charter on April 2, 2026. The entity, Coinbase National Trust Company, will operate as a federally regulated digital asset custodian headquartered in New York. Coinbase must meet preopening conditions including compliance systems and AML controls before receiving final approval. The federal charter replaces a patchwork of state licenses, enabling nationwide operations under a single regulatory framework.
EDX Markets Applies to OCC for National Trust Bank Charter
EDX Markets Holding Company, backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, and others, filed an application with the OCC for a de novo national trust bank charter for EDX Trust, National Association. The proposed Chicago-based trust bank would provide digital asset custody, asset management, and settlement services exclusively for institutional clients. The application was made public on April 1, 2026.
OCC Grants Valt Bank Conditional National Bank Charter for SMB Banking
The OCC conditionally approved Valt Bank's national bank charter on March 13, 2026. Valt Bank is a fintech challenger targeting small and midsize businesses with integrated banking, payments, and credit services. The approval requires Valt to raise at least $25 million in capital within 12 months and launch operations by September 2027. This is the latest in a surge of de novo charter applications from fintechs and digital banks.
OCC Finalizes Rule Clarifying Digital Asset Custody for National Trust Banks
The OCC finalized a rule on February 27, 2026, clarifying permissible non-fiduciary activities for national trust banks, including digital asset custody. The rule does not impose moratoriums and supports ongoing fintech and crypto charter applications. This provides greater regulatory clarity for BaaS and embedded finance providers leveraging trust bank structures.
Mercury Applies for National Bank Charter with the OCC
Fintech company Mercury filed an application with the OCC for a national bank charter on December 19, 2025. The application remains pending as of late December 2025. Mercury, known for its startup-focused banking services, is seeking to become a nationally chartered bank, which would reduce its reliance on partner banks.
OCC Conditionally Approves Five National Trust Bank Charters for Digital Asset Firms
The OCC conditionally approved five national trust bank charter applications from major fintech and digital asset firms including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. The approvals include two de novo charters and three state-to-national conversions. All five plan to focus on digital asset custody, with four also intending to issue stablecoins. This marks the first such approvals since 2021, signaling significant regulatory openness to crypto-native firms entering the banking system.
OCC Grants Conditional Approval for Erebor Bank De Novo National Charter
The OCC granted conditional approval on October 15, 2025, for a de novo national bank charter to Erebor Bank, National Association, headquartered in Columbus, Ohio. The application was submitted by directors of Erebor Group, Inc. This full-service charter places Erebor under comprehensive federal regulation and OCC oversight.
OCC Appoints Stephen Lybarger to Oversee Fintech and Stablecoin Chartering
The OCC appointed Stephen Lybarger as Senior Deputy Comptroller for Chartering on September 9, 2025. He will oversee national bank and stablecoin issuer charter applications. The appointment signals the OCC's continued focus on accommodating fintech and crypto-native firms seeking federal bank charters.
Palmer Luckey's Erebor Digital Bank Awaits OCC Charter Approval
Erebor, the digital bank backed by Palmer Luckey, had not received OCC approval as of August 7, 2025, despite submitting its application in June 2025 with expectations of approval by late 2025. Industry experts suggested the timeline was unrealistically optimistic, noting that bank charter approvals typically take a year or longer.
Circle, Ripple, Wise, and Erebor File OCC Bank Charter Applications
Circle, Ripple, Wise, and Erebor Bank submitted federal national bank or trust charter applications to the OCC. Trust charters limit activities to non-deposit and non-lending functions, while Erebor seeks a full-service charter with FDIC insurance. The filings reflect growing fintech demand for direct banking authority.
OCC Restores Expedited Merger Reviews Benefiting Fintechs and De Novo Banks
The OCC issued an interim final rule effective May 15, 2025, restoring expedited merger reviews and streamlined procedures for bank transactions. The rule reduces scrutiny on novel activities, directly benefiting fintechs, crypto firms, and de novo national bank applicants seeking to enter the banking system.
OCC Reverts to Permissive Merger Rules Easing Fintech-Bank Acquisitions
The OCC reverted to prior, more permissive merger rules in May 2025, removing ambiguous policy language that had subjected novel tech-bank deals to subjective scrutiny. The change is expected to better support fintech acquisitions of small OCC-chartered institutions using expedited review processes. This is a significant regulatory shift for the BaaS and embedded finance ecosystem.
SmartBiz Loans Completes Acquisition of Centrust Bank With OCC Approval
SmartBiz Loans, a fintech small business lending marketplace, completed its acquisition of United Community Bancshares and its subsidiary Centrust Bank (now renamed SmartBiz Bank). The deal, approved by the OCC and Federal Reserve, involved a bank with $148 million in assets. This rare fintech acquisition of a bank charter positions SmartBiz to expand into nationwide small business lending and planned national deposit products.
US Regulators Intensify Scrutiny of Bank-Fintech Partnerships in October 2024
In October 2024, the OCC, FDIC, and Federal Reserve received multiple comment letters on bank-fintech partnership risks. Submissions addressed supervision gaps, deposit-taking risks, and examination authority over fintechs. Fed Governor Bowman called for uniform regulations across banks, credit unions, and fintechs. FDIC consent orders requiring banks to offboard fintech partners signaled escalating enforcement.
FDIC, OCC, and DOJ Finalize Stricter Bank Merger Review Policies
U.S. federal regulators including the FDIC, OCC, and DOJ finalized updated bank merger review policies on September 17, 2024, increasing scrutiny for deals involving insured depository institutions. The changes have significant implications for bank-fintech M&A transactions and BaaS partnerships, as acquirers of fintech or nonbank firms face heightened review requirements. The updated framework adds broader jurisdictional reach and more extensive application data requirements.
FDIC Approves Heightened Merger Scrutiny and Recordkeeping Rules for Banks
The FDIC finalized policy updates increasing scrutiny for bank merger and acquisition applications, requiring more detailed information on concentrations beyond deposits. The OCC also updated its BMA processes, eliminating expedited reviews for certain cases. These changes affect the regulatory landscape for bank-fintech partnerships that rely on bank M&A structures.
US Banking Agencies Issue Joint RFI on Bank-Fintech and BaaS Arrangements
The OCC, FDIC, and Federal Reserve jointly issued a Request for Information (RFI) scrutinizing bank-fintech arrangements, including BaaS and middleware platforms. The RFI specifically targets intermediate platform providers that connect banks to fintechs via APIs. Regulators seek input on risk management, compliance practices, and potential new supervisory guidance. Comments were due approximately 60 days after the July 31, 2024 Federal Register publication.
Egypt's Connect Money Raises $8M Seed for BaaS Expansion in Africa
Connect Money, an Egypt-based Banking-as-a-Service fintech, raised $8 million in a seed round co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners. The funding will support expansion into Morocco and Kenya, enabling non-bank businesses to offer white-label financial products. The company provides embedded finance infrastructure including cards, payments, KYC, and mobile banking apps for trade companies across Africa.
VersaBank Receives Fed Approval to Acquire Stearns Bank Holdingford
Canadian digital bank VersaBank received Federal Reserve approval to acquire Stearns Bank Holdingford, a small OCC-chartered bank with $78M in assets. The deal gives VersaBank a U.S. bank charter to expand its digital lending operations into the American market. OCC approval was expected shortly after.
OCC Issues Cease and Desist Order Against Blue Ridge Bank
The OCC issued a Cease and Desist Order against Blue Ridge Bank, N.A. for BSA/AML violations, capital deficiencies, and unsafe practices related to its fintech partnerships. The order superseded a prior agreement and classified the bank as in 'troubled condition,' restricting it from onboarding new fintech partners without OCC approval. This is a significant escalation in regulatory scrutiny of BaaS sponsor banks.
Regulatory Actions 12
First National Bank of Pasco
The OCC issued a formal agreement with First National Bank of Pasco for unsafe practices, including BSA/AML risk management, suspicious activity reporting, and due diligence deficiencies. While not explicitly tied to fintech partnerships, the areas cited are highly relevant to BaaS oversight.
Unknown Sponsor Bank
The OCC issued statements in June–July 2025 explicitly embracing bank-fintech partnerships while addressing risks such as crypto-asset safekeeping. No specific enforcement action was taken against a named bank, but the guidance signals supervisory expectations for sponsor banks.
N/A — Industry Guidance
OCC leadership in 2025 expressed support for bank-fintech partnerships while prioritizing risk management. The OCC continued scrutiny of fintech arrangements with emphasis on robust compliance frameworks.
SmartBiz Bank, N.A. (formerly CenTrust Bank, N.A.)
The OCC conditionally approved a fintech model by SmartBiz under rigorous compliance standards. The conditional approval reflects the OCC's approach of enabling fintech innovation while maintaining strict safety and soundness requirements.
Patriot Bank, N.A.
On February 20, 2025, the OCC entered a formal agreement with Patriot Bank, National Association, after an examination identified BSA/AML compliance deficiencies tied to third-party risks, including prepaid card programs. The bank was required to develop enhanced plans for strategic and capital planning, customer due diligence, suspicious activity monitoring, and oversight of third-party program managers.
N/A — Industry-wide joint statement
The OCC, Federal Reserve, and FDIC jointly issued a statement on July 25, 2024, highlighting risks in third-party arrangements for bank deposit products and services. The statement emphasizes that banks retain full accountability for consumer protection, financial crimes prevention, and safe/sound practices despite outsourcing to fintechs.
Industry-Wide
The OCC, FDIC, and Federal Reserve issued a Request for Information seeking public comments on risks in bank-fintech arrangements, including accountability gaps, end-user confusion, rapid growth, concentration, liquidity, and data ownership.
Industry-Wide
The OCC, FDIC, and Federal Reserve jointly issued a statement reminding banks of risks in third-party arrangements with fintechs for delivering deposit, payment, and lending products. The statement outlines risk management examples without creating new rules.
N/A — OCC internal reorganization
The OCC established a new Office of Financial Technology in early 2023 to enhance supervisory expertise on digital assets, fintech partnerships, and emerging business models affecting OCC-supervised banks.
SoFi Bank, National Association
The OCC conditionally approved SoFi's national bank charter, subjecting the fintech-turned-bank to full federal supervision. The approval included restrictions on crypto activities to ensure safe deposit and lending practices.
N/A — Industry Guidance
Federal banking agencies (Federal Reserve, OCC, FDIC) issued joint guidance in August 2021 advising community banks on conducting due diligence when entering fintech partnerships. The guidance emphasizes risks including legal/regulatory compliance, AML, consumer protection, and contract terms.
Citibank, N.A.
The OCC issued a consent order against Citibank, N.A. in October 2020 addressing deficiencies in risk management, internal controls, and data governance that led to violations of law. No suspension was imposed but corrective actions were required.