The Office of the Comptroller of the Currency published findings on October 14 revealing that nine major U.S. national banks had historically restricted banking services for digital asset issuers, exchanges, and administrators, often citing financial crime concerns. The OCC reviewed approximately 100,000 complaints and over 420,000 pages of documents as part of its inquiry, while preserving banks’ ability to assess customer risk using objective criteria. BNY announced institutional stablecoin services in June for custody and management of USDC, while the OCC imposed a $750 million civil money penalty on Bank of America on October 13 for transaction monitoring and reporting deficiencies. New reputation-risk rules prohibit supervisors from using anti-money laundering concerns as a pretext, but eligibility and access questions for smaller crypto businesses remain unresolved.
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