Bankers sue to overturn OCC trust-bank rule used by crypto firms

Key points

• The Independent Community Bankers of America sued the OCC in Washington federal court on Oct. 2, seeking to vacate its national trust bank rule and Interpretive Letter 1176.
• ICBA argues the agency exceeded its authority by widening limited-purpose trust charters for fintech and crypto firms, saying 21 trust banks were approved, 13 crypto-tied.
• The OCC says its rule tracks statutory wording and leaves chartering authority intact, and had cited Loper Bright in stating courts would decide the statutory question.

AI summary of CryptoSlate’s report, written only from the publisher’s text. Read the original for full context.