Search Results for "Office of the Comptroller of the Currency (OCC)"
20 results for "Office of the Comptroller of the Currency (OCC)"
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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.
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 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.
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 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.
OCC Issues BSA/AML Consent Order Against Anchorage Digital Bank
The OCC issued a consent order targeting BSA/AML compliance deficiencies at Anchorage Digital Bank, the first federally chartered digital asset bank. The action came just 15 months after the OCC granted Anchorage a conditional national trust bank charter in January 2021. The order highlights the regulatory scrutiny facing crypto-native institutions operating under bank charters.
OCC Conditionally Approves Summit National Bank FinTech Division
The OCC issued Conditional Approval 1281 for Summit National Bank (Hulett, Wyoming) to establish a FinTech Division offering traditional banking products to fintech-sourced customers. The approval was granted under 12 CFR 5.53 for a substantial asset change. This represents an existing bank expanding into BaaS-style services rather than a de novo fintech charter.
Figure Technologies OCC Fintech Charter Review Completed, Decision Pending
OCC Acting Comptroller Michael Hsu indicated in December 2021 that the review of Figure Technologies' national bank charter application was complete, with a decision expected shortly. Figure, a blockchain-based fintech, had originally filed in November 2020. No approval was granted in December 2021, but the pending decision signaled a potential landmark moment for fintech chartering.
Second Circuit Dismisses DFS Challenge to OCC Fintech Charter Authority
The U.S. Court of Appeals for the Second Circuit dismissed the New York DFS lawsuit challenging the OCC's authority to issue special purpose national bank charters to non-depository fintechs, ruling DFS lacked standing. The decision reversed a lower court ruling that had blocked the OCC's SPNB regulation. While no fintech SPNB charters had been issued, the ruling preserved the OCC's legal authority to grant them.
OCC Grants Anchorage First Federal Digital Asset Bank Charter
The OCC conditionally approved Anchorage Trust Company's charter conversion to become Anchorage Digital Bank, National Association, making it the first federally chartered digital asset bank. The approval allows Anchorage to provide fiduciary custody of digital assets, custody of cash deposits at FDIC-insured banks, and on-chain governance services. This landmark decision signals the OCC's willingness to extend national bank charters to virtual currency fintech firms.
OCC Confirms National Banks Can Use Stablecoins and Run Blockchain Nodes
On January 4, 2021, the OCC issued Interpretive Letter 1174 confirming that national banks and federal savings associations may use stablecoins and participate as nodes on blockchain networks for payment activities. This clarification expands the permissible activities for banks engaging with distributed ledger technology. The letter is a significant enabler for BaaS providers and banks looking to offer crypto-integrated financial services.
Oportun Files OCC National Bank Charter Application
Fintech lender Oportun filed an application with the OCC for a national bank charter (application #2020-WE-CHARTER317993), with public comments dated December 22, 2020. The application reflects the company's ambition to operate as a nationally chartered bank to expand its lending services. No approval was issued in December 2020.
Paxos and BitPay File OCC National Trust Bank Charter Applications
Crypto firms Paxos and BitPay filed applications with the OCC for national trust bank charters on December 9 and December 8, 2020 respectively. The filings reflect growing fintech interest in obtaining federal bank charters to operate nationwide without state-by-state licensing. Approvals came later—Paxos received conditional approval in April 2021.
Figure Technologies Files OCC National Bank Charter Application
Blockchain-powered fintech Figure Technologies filed an OCC national bank charter application on December 7, 2020. The company, known for its blockchain-based lending and financial services, sought a federal charter to expand its banking operations. The application drew industry and trade group commentary but no approval was granted in December 2020.
OCC Finalizes True Lender Rule Enabling Bank-Fintech Lending Partnerships
The OCC finalized its true lender rule establishing that a national bank is the true lender when it is named as lender in the loan agreement or funds the loan. The rule clarifies the legal framework for bank-fintech lending partnerships, removing a key source of regulatory uncertainty. This paves the way for expanded bank-fintech collaboration in lending and BNPL.
SoFi Receives Preliminary Conditional National Bank Charter from OCC
The Office of the Comptroller of the Currency granted SoFi preliminary conditional approval for a national bank charter on October 28, 2020. SoFi had applied in July 2020 and still required additional approvals from the Federal Reserve and FDIC. The charter would allow SoFi to operate under unified federal regulations rather than a patchwork of state requirements, positioning it to compete more directly with traditional banks.
Jiko Becomes First Fintech to Purchase a US-Regulated Bank
Jiko completed its acquisition of Mid-Central Federal Savings Bank on September 4, 2020, becoming the first fintech to purchase a US-regulated bank. The deal received approvals from the OCC and the Federal Reserve Bank of San Francisco. Acting OCC Comptroller Brian Brooks praised the acquisition as a milestone for fintech maturity.